What is a trust?

Trusts are an alternative way of planning your estate and your legacy. Wills are an extremely useful tool for planning your legacy. However, they aren’t always the best option. Wills often require, after you pass, the time and expense of probate court proceedings. However, this can sometimes be bypassed by using the right kind of trust to distribute your assets and plan your legacy.

Different states have different laws as to how trusts work and what they can do. However, in general they are a very versatile tool for estate planning. An attorney can help you put together a revocable living trust, a trust made while you are living that can be revoked or changed at any time during your life, that can act similarly to a will upon your passing. These can sometimes avoid probate proceedings. There are many other types of trusts, certain types can even have tax advantages. They can also be used to supplement the terms of a will.

There are some disadvantages to a trust, the actual process of making them is usually more expensive than making a will. Trusts are a fair bit more complicated, both by their nature and the law around them, then your usual will. It’s important to find an attorney to help you put one together.

Here at LifeWritr, our Gold and Platinum plans will help you organize a lot of the information a lawyer would need to help you put together a trust. It can’t be stated enough how important a trust, or similar instrument, is to protecting your legacy and preparing your loved ones. If you need further help, we have tools and resources the LifeWritr website to put you in touch with somebody who can take care of this sort of thing for you.