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Which type of trust is right for your estate plan?

Illinois readers understand that developing an estate plan is a smart step for individuals and families of all needs and income levels. What you may need as part of your plan depends on the details of your individual situation, but you may find it beneficial for you to consider a trust. This specific estate planning tool may provide certain protections you need to meet your objectives. 

A will is the foundation of a good estate plan, but in many cases, it may not be sufficient to help you do exactly what you want with your assets and money. A trust is different than a will as it allows you to set aside money for a specific purpose, such as charitable giving. As you develop your estate plan, it is useful to consider all of your options.

What types of trusts should you consider?

Various options may be available to you when considering types of trusts. Depending on what you want to accomplish with your estate, some of the most practical options for you may include the following:

  • Charitable trust – This is an option for individuals who wish to set aside a significant number of assets for charitable giving after their death. Giving in this way will also lower certain types of gift and estate taxes.
  • Special needs trust – This type of trust allows you to set aside assets for the care and protection of a loved one who may not be able to care for him or herself. This trust will not affect his or her eligibility for government benefits.
  • Asset protection trust – An asset protection trust allows the creator to set aside and protect money and other assets from creditors. Normally, these assets are irrevocable for a certain period of years.

These are just a few options to consider. It can be overwhelming to choose the right trust or estate planning tools that you need, and it can be beneficial to seek guidance as you make these important decisions.

An estate plan for your future interests

No matter how old you are, your health status or the type of assets you own, estate planning is a smart step. If you are starting from the beginning of this process or want to know how you can make your estate plan better and more effective, starting with a complete evaluation of your case can be helpful. Seeking the support of an experienced legal professional can help you make choices that will prove beneficial now and provide benefits in the future as well.

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Leonard F. Berg, Attorney at Law