From revocable living trusts to trusts for minor children to special needs trusts, Palley Law Office will help you design and draft the trust important to your plans.
A trust is an arrangement under which property is held by one person (the trustee) at the request of another (the settlor) for benefit of a third party (the beneficiary). There are many different types of trusts, but for estate planning purposes two types are particularly important: revocable trusts, and testamentary trusts.
A revocable trust, often referred to as a "living trust" or "revocable living trust" is one where the settlor transfers assets to the trust during life, and the property passes at death according to the terms of the trust. Revocable trusts help avoid or minimize probate, increase privacy, and provide for seamless control of assets on incapacity or death.
A testamentary trust is one created by a will which takes effect when the settlor dies, with trust property passing at death to the trustee for the benefit of the beneficiary of the trust. Testamentary trusts are created for an array of reasons, some of which are discussed below.
You may want to include a revocable trust in your estate plan if:
You may want to include a testamentary trust in your will if:
You should consider trusts when meeting with your estate planning attorney. A well-crafted estate plan may or may not include trusts but should always be considered in developing the plan. A testamentary trust is often called for if you have minor children.
Palley Law Office provides thoughtful counsel to ensure that your estate plan encompasses the right mix of estate planning tools and documents. Whether to set up a trust and what kind is very dependent on your unique circumstances: Together, we will look at the full picture to develop the best options available, whether a revocable living trust or testamentary trust, to achieve your goals.
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