A trust is a legal document that helps protect your assets. You can have a trust and a will work together for extra financial security or to make sure your beneficiaries do get what they're owed.
One kind of trust that is particularly important is the irrevocable trust. It can help protect your assets against inheritance taxes, saving your beneficiaries money in the long term. Other trusts are used while you're alive or while your beneficiaries are alive. These trusts might distribute funds over time or restrict access until the beneficiaries reach a certain age.
Regardless of your current age or health or the ages or health of your beneficiaries, there are a number of trusts that can benefit you and your family. One of those trusts, a Family Access Trust, keeps your children's personal finances and inheritances separate, but it also gives them full access to the funds. How does this help? If your child goes through a divorce, for example, the inheritance will be separate property that cannot be divided.
Another great trust is a Special Needs Trust. This trust is designed for beneficiaries with disabilities. It helps provide them with long-term financial stability as well as care decisions and information.
Trusts come in all shapes and sizes. No matter what you want to do, there is likely a trust that will work with your situation. Your attorney can help you understand the benefits of different trusts and asset-protection options and help you select one that works in your best interests and protects your beneficiaries in the future.