The basic purpose of a trust is to place authority over assets in a person other than the intended ultimate beneficiary of those assets. The goals to be achieved with trusts in place can range from creditor protection of the beneficiary, providing for an incapacitated beneficiary, preservation of a beneficiary’s government and need-based benefits, to general postponement of and greater control over the beneficiary’s receipt of their inheritance. There are various types of trusts, such as a living trust, effective during your life, or testamentary trust, effective upon your death via the terms of your Last Will and Testament, and revocable or irrevocable trusts. Including a trust in your estate planning is not a one size fits all decision; they should be carefully considered and thoroughly discussed with your estate planning attorney to tailor trust terms to your needs.
Attorneys at Pyke & Associates are well versed in these concepts and experienced in consulting with clients about the right fit for their estate plans. Contact us for a free consultation.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.
