West Virginia readers know that estate planning is not something reserved only for the wealthy. It is prudent for every individual to have plans in place not only to ensure assets and property go to the appropriate people, but also to ensure that you have security and assurance in case of a contingency.
Some people need only a simple will to accomplish their estate planning goals, but other tools are available that could allow you to be very specific with where you want your wealth to end up in the future. One of these tools is a trust. While not the most appropriate choice for everyone, it can help you protect certain assets and set them aside for a specific use in the future. Various different types of trusts could benefit you in attaining your estate planning goals.
Which is the most beneficial option for me?
No two estate plans are the same, and it is prudent to be intentional in your pursuit of a plan that suits your individual needs. A trust is a protection that allows you to set aside certain assets. The type of trust that you may need depends on your estate, your beneficiaries and what you hope to accomplish with your money, even long after you are gone. Some of the types of trusts include the following:
- Asset protection trusts may allow you the ability to shield your estate from the collection efforts of creditors in the future.
- Special needs trusts allow you to set aside assets for the care and benefit of a disabled loved one.
- Charitable giving trusts allow you to leave your money for public benefit or to a specific charity.
These are only a few of the options for trusts available to you. Before you make any important decisions for your future, it is smart to consider the differences between revocable and irrevocable trusts and understand what will happen to your property rights after placing assets in a particular type of trust.
Estate planning can help you accomplish your goals
You have the right to make your estate plan whatever you need it to be. Major life events and changes in your goals may require modifications and changes to your existing plans. You may find it useful to seek an evaluation of your existing plan to learn whether the addition of a trust could benefit you.
Whether you are drafting a basic will or considering the benefits of a trust, you will find great benefit in seeking help and guidance in every step of this process.