Trusts

TrustsIn addition to planning for your wills, you may wish to establish trusts so that your investments, life insurance and other assets can provide funds for the benefit of your loved ones in the event of your death but limit the beneficiaries’ ability to control or spend those funds.  This is particularly important if you have minor children and may be important if you or your spouse have children from a prior marriage.

Testamentary Trusts
A testamentary trust comes into existence and is funded only at your death and only under certain circumstances set by you.  This is a inexpensive way to create a trust and is particularly useful to provide for minor children.

Living Trusts
A Living Trust is a trust that you create and fund during your lifetime.  It can provide for you, your spouse or others during and after your lifetime.  Clients often ask about Living Trusts, having heard perhaps that everyone should have one.   Our answer is that some people will benefit from creating a Living Trust, but for many people a Testamentary Trust will better meet their needs.