Did you know there are 27 different types of Trusts? Do not worry; we will not spend the rest of this blog post listing them and going into great detail about how each works and how important they are to estate planning. That said, we want to drive the point home that regardless of how unique your individual and family wants, needs, and goals are, there is a Trust out there for you.

It does not matter if you have a child with special needs, want to leave a legacy for a charitable cause, or simply want to ensure your wealth supports your family. The world of Trusts is vast. There is no one-size-fits-all solution, and the one you choose should reflect your unique wishes for how you want your assets handled now and in the future.

What Is a Trust?

A Trust is a fiduciary relationship where property and assets are legally transferred to a trustee, who then manages the property for the Trust’s beneficiaries. Trusts enable the person creating the trust to determine who receives what benefits from the trust and when.
Trusts are becoming more common now that people are beginning to realize they are not just for the super-wealthy. Remember, the term “estate” simply refers to everything you own – whether it is $1 or $50,000,000.

Trusts also offer the ability to name successor trustees and cover disability and incapacitation.
Trusts are either living trusts or testamentary trusts. Living Trusts are established during the trustor’s life and can either be revocable (you can manage assets held in the Trust however you like during your lifetime, including canceling the trust) or irrevocable (cannot be modified or terminated). Testamentary Trusts take effect when the trustor dies, and his/her Will has been through probate.

From there, the number of Trust types you have access to is rather impressive.

Without naming all of them, a few we offer at Leigh Hilton include:

Special Needs Trusts
Living Trusts
Qualified Income Trusts
Generation Skipping Trusts
Heritage Trusts
Incentive Trusts
Charitable Trusts
Choose the Right Trust for You

While having so many Trust options is a good thing for you and your family’s future, it can be overwhelming trying to decipher which one makes the most sense for you. This is where our estate planning firm comes into play. Our team gets to know you, your family, and all your hopes and dreams for the future so that we can make the right recommendations.
Your estate planning attorney must know everything about you and your family. That is why we ask so many questions. We are not just being noisy. We are simply looking for issues that need to be addressed with your new Trust.

Bottom line, your unique circumstances and concerns should be considered and explored from every angle possible.

Call Leigh Hilton, PLLC in Denton, for all your estate planning and Trust needs. Proper planning of an estate, whether
through a Will, Trust, or both, helps ensure your wishes are carried out.

Leigh Hilton, PLLC wants to be your first call every time for any estate planning need. We look forward to serving you.
Thanks for reading!