In our previous blog post, we discussed some of the basics of creating a trust that can provide for your family after you are gone. If you want this to be a part of your estate plan, you need to think carefully to ensure that you choose the right types of trusts that can meet your final objective.
We know that making these decisions isn’t easy. There are a lot of variables that you have to think of when you are creating a trust that should care for your loved ones. The purpose of the trust, the needs of your loved ones, and the circumstances that they might face because of the trust are some of the points you must consider.
A few other things that you have to think about include whether you want to be able to control the trust and change things up while you are still living, how you want the trust handled, and what assets you want to place in the trust. All of these have an impact on the type of trust that you establish.
It is important to remember that a trust is only one component of an estate plan. You will also need to have a will in place that details what you want to happen to assets that aren’t being held in the trust. This process can be complex, depending on what you need to distribute and how you want to distribute it.
We understand that you have some questions about what options you have. We want you to make informed decisions as you decide on these matters, so be sure that your questions are answered before you make any legally binding decisions about your estate.