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A trust is a legal document that allows you to manage the distribution of your estate after you pass away. A trust is arranged with a trustee who is responsible for overseeing and managing trust funds. A trustee will, typically, distribute assets to beneficiaries after you pass away.
Revocable trusts are commonly added to estate plans. A revocable trust can be altered at any time during your life. This can help protect your assets during your life and after you pass away. However, you have many trust options that can provide you with unique possibilities. Here are several unique trusts you can consider making:
1. Charitable trust
While you can leave your assets to family members and friends with a trust, you can also donate to charities. A charitable trust allows you to set aside assets for private organizations, charitable programs or nonprofits.
2. Pet trust
If you have a pet, you can set up a pet trust for their prolonged care. The terms of a pet trust can be set to pay for any pet expenses, such as food, medical care, daily care and shelter.
3. Incentive trust
You may have a specific use for your estate. You can set up an incentive trust so that your beneficiaries must meet certain conditions to gain their inheritance, such as getting married or going to college.
4. Spendthrift trust
Your beneficiary may not be good with money. You can set up a spendthrift trust so that you can limit your beneficiary’s access to funds so they do not make any unsound investments.
If you are setting up an estate plan, you can reach out for legal help to learn about your trust options. Contact us online or call today for a free consultation with Pennington Law, PLLC.
