Trusts are a popular and powerful tool for estate planning, allowing individuals to control the distribution of their assets after their death. There are many different types of trusts available, each with their own unique features and benefits. In this blog post, we will explore some of the most common types of trusts used in estate planning.
Revocable Living Trusts: A Revocable Living Trust is a trust that can be amended or revoked by the grantor (the person who creates the trust) during their lifetime. This type of trust is often used to avoid probate, as the assets placed in the trust are not considered part of the grantor's estate upon their death. This also allows for more privacy than probate court, where records are public. Revocable living trusts also can have a "successor trustee" named who will take over managing the trust assets if the grantor becomes incapacitated before death.