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Did you know there is more than one type of trust?

When it comes time to tackle the estate planning process, many people assume that the creation of a will is the only option they have. While this is something to consider, you don't want to stop there. You may find that some type of trust is exactly what you need in order to reach all your estate planning goals.

The most important thing you can do is learn more about the many types of trust. Once you have this knowledge guiding you, it's much easier to make informed and confident decisions as to what you should do next.

Let's take a look at the two most common types of trust:

  • Revocable trust. As the name suggests, this type of trust gives you the power to alter, modify, or revoke the trust as you see fit. Also known as a living trust, you will transfer the title of your property to the trust, serve as the trustee during your life, and appoint a trustee to take over upon your death. There are many benefits of a revocable trust, including the ability to make changes in the future and the fact that any assets in the trust are not subject to probate.
  • Irrevocable trust. Unlike a revocable trust, this type cannot be altered or revoked for any reason. Once you add property to the trust, no one, even the person who creates it, can take it back out. Once again, this type of trust will help your assets avoid probate after your death.

While these may be the two most common types of trusts, there are others to consider. For example, a charitable trust can be set up if you know you want to leave something behind to a particular charity.

Estate planning is all about understanding your options and making informed decisions based on the knowledge you acquire. So, having quality information on your options, including your options related to trusts, can be crucial.

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