
Which Type of Trust is Right for You? Explore Your Options
Planning for the future helps protect your loved ones and ensures your wishes are carried out. Trusts provide a reliable way to manage assets, avoid probate, and maintain privacy. At Commonwealth Life & Legacy Counsel, we assist families in understanding their options and choosing what best fits their needs.
Understanding Trusts
A trust allows you to place your assets under the management of a trusted individual or institution, known as a trustee, who ensures they are distributed according to your instructions. Trusts can help avoid the delays and expenses of probate, keep your financial matters private, and provide protection from potential creditors.
When considering a trust, some of the most common options include:
- Revocable Living Trusts allow you to adjust plans as your circumstances change while keeping control over your assets.
- Irrevocable Trusts provide stronger asset protection but cannot be changed once created.
- Special Purpose Trusts are designed to meet specific needs such as supporting a loved one with disabilities, donating to charity, or ensuring a pet’s future care.”
Finding the Right Trust for Your Goals
Choosing the right trust depends on your estate planning priorities. If avoiding probate and maintaining privacy are important to you, a revocable living trust may be a good fit. For those focused on protecting assets from creditors or tax liabilities, an irrevocable trust could be the better choice. While special purpose trusts offer tailored solutions for unique situations.
Ready to Plan for the Future?
Trusts can provide peace of mind and financial security for you and your loved ones.
Call Commonwealth Life & Legacy Counsel in Central Virginia at 434-589-2958 or in Powhatan at 804-598-1348 or contact us online to learn more and start planning today. Was this gap intentional? I think it would look better if it looked