What is a Trust? Do I Need One?

What is a Trust? Do I Need One?

By Brandon Allen, McDonald, Levy and Taylor, PLLC Attorney
Trusts can be a valuable tool when it comes to estate planning. While you’ve likely heard of a Trust, you may not realize that several different variations of Trusts may be used depending upon your needs.
Special Needs Trusts

A Special Needs Trusts may be utilized to benefit a loved one with health or other issues.

Spendthrift Trust

A Spendthrift Trust could be put in place for families who have concerns that their beneficiaries may not benefit from having access to a full estate all at once. In this situation, a Trustee may be appointed to oversee the expenditure of funds while ensuring they are being used in the best interest of those involved.

Minor’s Trust

A Minor’s Trust is often used by families with small children who would require the management of assets should they inherit before reaching a certain age. These Trusts may be established to terminate when the child turns eighteen, or they could remain in place for some time after the attainment of that age.

While Trusts are traditionally considered to be a tool mainly for those with considerable wealth, they may be a beneficial vehicle to protect your assets regardless of the size of your estate.

The attorneys at MLT are familiar with Trusts and would be happy to assist in determining the best path forward for your estate planning needs.

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