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Heritage Tree LogoWhat Type of Trust Should I Create for my Estate Plan?

A trust is one of the most important estate planning documents you can create. Read on to learn more about the different types of trusts and how they can benefit your estate plan.

Should I Create a Trust?

Everyone’s estate plan will look different and what works for one individual may not work for another. To determine whether a trust is right for you, it is best to reach out to an experienced estate planning attorney. A knowledgeable attorney can help you create a cohesive and comprehensive estate plan.

What Type of Trust Should I Create?

Again, everyone’s circumstances are different. As a result, there are different types of trusts you can create. Some of the trusts available in Pennsylvania include:

  • Revocable Trusts: These are among the most common types of trusts. Essentially, a revocable trust is when an individual places his or her assets in the trust while still having legal authority to modify or terminate the trust, as long as they remain mentally capable of doing so.
  • Irrevocable Trusts: In irrevocable trusts, individuals place their assets in the trusts and relinquish their right to manage or terminate the trust.
  • Marital Trusts: Marital trusts are for surviving spouses. When you create a marital trust, you will help ensure that your spouse will receive the assets you placed in the trust upon your passing. Additionally, assets placed in these trusts can also be used for the spouse’s benefit with the Federal Estate Tax or Federal Gift Tax deferred until their death.
  • Charitable Trusts: These types of trusts are ideal for those who would have liked to donate to certain charitable organizations while alive, though they did not have the financial means to do so. If you would like to donate to a charitable organization upon passing, you may wish to create a charitable trust.
  • Life Insurance Trusts: If you are someone who is looking to remove your life insurance plan from your estate so your beneficiaries will not have to pay taxes on that policy upon your passing, you should strongly consider creating a life insurance trust.

If you are interested in creating a trust, contact our firm to speak with a knowledgeable estate planning attorney.

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