When Is A Trust Preferable To A Will?
While perhaps similar in some ways, your family, goals, and assets differ greatly from those of your neighbors, relatives, and friends. If you are exploring your estate planning options, a lawyer from our Berkshire County and Bennington County law firm can talk to you about including various types of trusts in your estate plan.
In the Berkshires, individuals and families turn to Donovan O'Connor & Dodig, LLP, for personalized and experienced estate planning services. We have a long history of helping our clients preserve and pass on their legacies to heirs, beneficiaries and loved ones.
Understanding The Different Types Of Trusts
What is your objective? Whether you wish to minimize estate tax, avoid probate, protect your assets from creditors, ensure eligibility for Medicaid, or provide for your loved ones, there is a trust that can help you achieve your objective.
Trusts are categorized in two ways:
- Revocable trusts: Also known as a “living trust,” this type of trust can change as your circumstances change. Similar to a will, a revocable trust ensures that your assets are distributed in accordance with your wishes, but without going through probate proceedings.
- Irrevocable trusts: This type of trust may be beneficial for lifetime gifting, minimizing estate taxes, and protecting your estate from creditors.
Within these two types of trusts, there are several options for establishing trusts, including:
- Irrevocable life insurance trusts
- Special-needs trusts
- Charitable trusts
Schedule A Consultation To Discuss Your Objectives With An Attorney
Your estate planning goals are important to obtaining overall peace of mind. Talk to a lawyer from Donovan O'Connor & Dodig, LLP, to explore the specific estate planning methods that will work for you. We can be contacted online or reached at 413-663-3200 in Massachusetts or 802-442-3233 in Vermont.