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Trusts can handle specific estate planning wishes

Making headway on an estate plan can be exciting. Arkansas residents going through this process may feel accomplished and relieved that they are tackling such an important task. Though some may start out with only the basic tools, others may want to branch out their estate planning efforts by using trusts.

If individuals are considering trusts, they may begin to wonder whether they really have a need for this extra tool. In most cases, anyone could benefit from adding a trust to his or her estate plan. After all, a trust can better protect assets in many ways. Plus, individuals can set up trusts for specific purposes and of specific types to ensure that their particular wishes for that trust are carried out.

If individuals want to protect assets from future creditors, they can set up asset protection trusts. If parties want to pass assets on to charitable organizations after their passing, they can set up charitable trusts. Even if someone wants to ensure that a beneficiary does not irresponsibly spend the assets in the trust, he or she could set up a spendthrift trust.

The options for trusts go on and on, and Arkansas residents may come to find that they have more reason to use this estate planning tool than they thought. If interested parties want to add a trust or multiple trusts to their plans, they can work with knowledgeable attorneys to do so. They could also gain more information that allows them to bolster their plans in ways they did not expect.

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