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How do I know if a trust is right for me?

There are several different documents that you can include in an estate plan. And while no two estate plans are the exact same, many people use trusts to secure their assets and plan for their futures. But how do you know if a trust is right for you?

 

Does a trust fit your needs?

Trusts are useful tools and come with a variety of benefits. Below are some questions that can help you determine whether to use a trust in your estate plan.

  • Do you want to plan for life? Many trusts allow you to plan for mental disability or incapacitation. When you place assets into a trust, a trustee who you appoint will take over and handle your estate while you are still living but unable to manage your own affairs. It can even include caregiving and end-of-life instructions.
  • Do you have minor beneficiaries? For parents with young children, setting up a trust is a safe way to ensure that your assets will be taken care of if you’re gone and your children are not yet old enough to inherit them. You can safekeep important assets such as retirement accounts and life insurance until your child is able to manage them.
  • Do you want your family to avoid probate? Assets that you leave in a will must pass through a court-supervised probate process. But probate can be stressful, expensive and time-consuming. By placing assets in a trust, you can avoid probate and all the obstacles that can come with it.
  • Would you like to keep your estate plan private? When an estate goes through probate, the information becomes publicized. Anyone is privy to the assets in your estate and which beneficiaries now own them. If privacy is important to you, placing assets in a trust will keep the details of your estate away from the public eye.

There are many trusts to choose from

If you answered “yes” to any of the above questions, a trust might be a beneficial tool for you to include in your estate plan. Once you’ve decided that a trust is right for you, however, you need to figure out which type of trust will bring you the most security.

Between revocable and irrevocable trusts, there are a variety of ones you can choose from that can meet your estate planning needs. But the process can be overwhelming and complex. To know that you have the right trust for your needs, consulting with an estate planning attorney can bring you one step closer to securing your future.

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