Trusts

One of the most common types of trusts is a Revocable Living Trust which is set up during life. There can be many good reasons to set up this kind of trust. A few reasons are management of trust assets during life even through disability or illness, avoidance of probate and continuation of a business without disruption during life and at death. This is different than a trust set-up in a Will which is known as a testamentary trust. The testamentary trust only comes into existence when the individual passes, the Will is probated and Surrogate's Court grants certain "Letters" to the Trustee. There is also the Irrevocable Trust set up during life that can only be modified under certain circumstances. Trusts are wonderful planning tools and there are many varieties - any individual potentially interested in a trust would benefit from exploring his/her options. The reasons for wanting a trust will inform the attorney what trust or trusts should be used. This is a process that means exploring and educating clients on what suits their needs and goals. I certainly enjoy this aspect of estate planning very much!