When I posted about When to Hire an Estate Planning Attorney, I mentioned some of the considerations for determining whether or not you might want to consult an attorney. Included in this discussion was the potentially complex nature of trusts, including those such as Special Needs Trusts.

I cannot emphasize the value of trusts enough. They solidify your intent and create a separate entity to uphold your estate planning desires. When created properly, a trust is a separate entity, with an appointed trustee and proper funding. The details beyond those basics depend on the nature of the type of trust.

Some of the more common types of trusts that you might consider include:

  • Constructive Trust
  • Generation Skipping Trusts
  • Grantor Retained Income Trusts ("GRIT")
  • Qualified Terminable Interest Property Trusts ("QTIP")
  • Revocable Trusts
  • Simple Trusts
  • Special Needs Trusts
  • Spendthrift Trusts
  • Testamentary Trusts
  • Totten Trusts

This is just a sampling of the different trusts out there to accomplish your financial goals. The realm of trusts is highly technical, and the success of one depends on how carefully it is drafted. Trust attorneys sometimes specialize in types of trusts, which is especially true with Special Needs Trusts, for example.

You can decide which of these trusts might be right for you when you sit down with a Trust Attorney to discuss your needs.

 

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