Wills and Trusts
A will distributes all of the assets remaining in your name at the time of your death. It also names your personal representative and guardians if you have minor children. In addition to a will, many clients benefit from creating trusts. A trust places specific assets under the control of a trustee who must use them in accordance with your wishes in the interests of named beneficiaries. Among the types of trusts are the following:
- A revocable trust (also known as a living trust) allows you to control which assets are held in the trust during your life. When you die, the trust will not go through probate.
- An irrevocable trust is less flexible than a living trust. Once you place assets in the trust, you cannot remove them. This type of trust may, depending on your individual circumstances, have tax benefits.
- A special needs trust is part of a plan to provide for the needs of a person with a disability or other special needs.
- An educational trust is part of a plan to ensure that certain assets are used for a person's education.