Creating a will, revocable trust or irrevocable trust starts by considering your goals and objectives. A trust can be a valuable tool in your overall wealth plan. Many wealth plans include one or more types of trusts, each of which fulfills a specific need.
Whether you’re leaving a bequest to a charity, providing income for your spouse or giving assets to your children or grandchildren, a trust can be an effective way to build your legacy.
Some trusts can be modified after they’re created, while others can’t. It’s important to consult with your attorney and wealth professional to determine your intent, so together they can ensure that the appropriate provisions are built into your plan.
Also known as living trusts, revocable trusts allow you to retain control of your assets during your lifetime. You can change your trust at any time.
How a revocable trust is like a will:
How a revocable trust and a will differ:
Irrevocable trusts can support a variety of goals such as providing financial security for your family and promoting charitable causes. They generally can’t be changed after they’re established, subject to state law.
The kind of trust you select should reflect your unique wishes for how your assets are handled now and in the future.
An open dialogue with family members can help you successfully craft your estate plan.
A trust requires careful administration, but setting one up is a fairly simple process that generally involves five steps.