Learn How to Use Trusts When Estate Planning – American Personal Rights
Family and Aging Law Center, PLLC, lists what you should learn about trusts.
It’s a great idea to consult an estate planning attorney in order to establish trusts to benefit your beneficiaries. It will help ensure that everything can be executed correctly. You can ask your accountant or bank to suggest an estate planning attorney.
There are two primary types of trusts. The first type is the testamentary trust, also known as a death trust. This form of trust is in your will. Therefore, it cannot be created at the time of your demise. This ensures no one can access your funds or assets, which includes your beneficiaries, in the event you become physically or mentally disabled. However, your beneficiaries will still need to go through the probate process.
A living trust is the third option, and it remains in force even when you’re alive. If you’re either mentally or physically disabled, it will transfer your assets to beneficiaries. This can help avoid probate if properly funded. vbinl9io5w.