Trusts can serve as an invaluable tool in estate planning for those who seek to have greater control over asset distribution, minimize potential tax burdens, and ensure privacy. They offer the flexibility to stipulate how and when assets will be distributed to beneficiaries, thereby offering reassurances that one's wishes will be carried out in a controlled and measured manner. Trusts can also bypass the often lengthy and public probate process, ensuring that estate matters remain private. And in certain situations, trusts can be structured to provide significant tax advantages to preserve more of the estate for intended beneficiaries.
But trusts can be complex, and as the infographic below illustrates, there are many types of trusts, each with different rules and regulations. If you'd like to consider a trust, contact one of our estate planning lawyers to discuss your options and which may work best for you.