Building the estate plan you need by adding a trust
Developing the estate plan that best suits your needs and objectives is not always an easy process. Depending on your goals, you may need more than just a will to protect your interests and those of your loved ones, but you may not be certain about what that means for you.
Some readers in Connecticut find it beneficial to explore how drafting a trust could be an important aspect of their estate planning process. Trusts allow you to do specific things with your money and assets, such as provide for the care of a loved one long into the future. Connecticut readers may know there are various types of trusts, and it can be prudent to carefully consider which type may be best for you.
Making the right choice for your estate plan
If you believe a trust could be an important and beneficial addition to your estate plan, there are various factors to consider as you identify the most appropriate choice for you. You may benefit from any of the following types of trusts:
- Revocable trust: This is a type of trust that you will have the power to modify, change or completely revoke during your lifetime. A revocable trust can change to a irrevocable trust when you pass.
- Irrevocable trust: You cannot revoke or modify this trust after its creation. Once you place assets in the trust, you will not be able to remove them.
- Special needs trust: This trust allows you to set aside money and assets for the care of a special needs loved one. The assets held in a trust will not affect eligibility for government benefits.
- Charitable trust: This specific trust allows you to set aside assets and money for charitable purposes upon your death. The formation of this trust offers you various financial benefits.
The choice for you depends on your goals, your needs and your financial plans for yourself and your loved ones.
A plan for your own peace of mind
Estate planning does not allow you to control the future, but it does allow you a measure of control over what will happen to your hard-earned assets. If you are unsure of where to begin or what additions you may need to your existing plan, you will benefit from seeking a complete evaluation of your situation.