The thought of creating an estate plan can be overwhelming. However, executing the right testamentary documents can help a person decide what happens to assets after he or she dies and assures that appropriate provisions are made for those who depend on you. Trusts and wills are the most widely recognized types of documents. Planning an estate deserves the attention of a compassionate, knowledgeable, and effective attorney. The Law Offices of Yacoba Ann Feldman understands the hardship of thinking that far ahead. Our firm is ready to ease you through tough topics and develop an estate plan that meets your needs. If you would like to discuss your situation with an experienced trust attorney, contact our firm for a consultation.
When considering adding a trust to your estate plan, you must have an understanding of the terminology associated with this estate planning tool. The person who sets up a trust is referred to as the trustor, grantor, or settlor. The person who benefits from a trust is the beneficiary. The person who manages the trust assets is called the trustee. There are several different types of trusts that individuals planning their estate should take into consideration.
Which Type of Trust is Right For Me?
There are many types of trusts designed to address many different situations. When planning an estate, each trust provides the ability to develop a tailored approach to allocating assets. Some of the many trusts available include marital trusts, testamentary trusts, bypass trusts, irrevocable life insurance trusts, charitable remainder trusts, charitable leads trusts, special needs trusts, and generation-skipping trusts, just to name a few. A breakdown of some of these trusts is as follows:
- A testamentary trust is created in a will. It can help manage assets for children or others who inherit through a will but this type of trust does not avoid probate, instead, it comes into existence and is funded during the administration of probate of the decedent’s will.
- An inter vivos trust, commonly referred to as a family trust or a living trust, is created and funded during the lifetime. Assets that are held in this type of trust upon the death of the trustor can avoid probate. Living Trusts can be set up by individuals or couples. Married persons can set up a trust with a spouse or alone. It all depends on what type of assets and for what purpose the trust is being created. These types of trusts are often also referred to as revocable trusts, and they allow the grantor to make changes to the trust up until their death or withdraw it completely.
- An irrevocable trust will remove the property from the grantor’s control at the time that the trust is created. Some commonly used trusts that are considered irrevocable include Medicaid asset protection trusts and supplemental needs trusts. For the most part, irrevocable trusts cannot be amended or terminated.
Contact A Woodland Hills Trust Attorney
Developing the right estate plan can be a complicated process. It is important to discuss your goals and vision for your assets with an experienced and knowledgeable attorney. At The Law Offices of Yacoba Ann Feldman, we are passionate about helping people who need to think about the future. Trusts are a great way to pass assets to loved ones and our firm is ready to help you make the most educated decisions possible. Our warm and comfortable meetings will ease your stress as we help you prepare your estate. For more information, contact The Law Offices of Yacoba Ann Feldman to discuss your situation with an experienced Woodland Hills trust attorney.