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Trusts offer variety, security in estate planning

To some people, trusts might seem to be an esoteric subject that may seem only applicable for people of incredibly high incomes. The rich are not the only portion of the population that can benefit from preparing trusts for themselves. In fact, any New Jersey resident who has assets to his name can create a trust. That a person can choose from a variety of different trust formats and types only makes their use more universal for people interested in creating comprehensive estate plans.

For example, for individuals who want to remain in control of their trust assets, revocable or living trusts are an option. With such a device, a party can make changes to his trust up until the time that he dies. When he does pass on, the assets in his trust will be managed in accordance with his wishes.

Conversely, other people may not want their assets tied up in revocable trusts during their lifetimes. For these individuals, testamentary trusts may be useful to meet their trust-preparing needs. Testamentary trusts are only created after a person passes away and then are managed by a trustee or trustees according to that individual's prepared plan.

 From charitable trusts to life insurance trusts to spendthrift trusts, a trust can take on many forms and can serve many intended ends. Just as a person may customize her last will and testament, she may also take control of the trust-making process to create a testamentary device the meets all of her end-of-life needs. With the help of an estate planning attorney, a person who wants to learn more about trusts can receive the information she needs to create the right device for her.

Source: Fox Business, "How Trusts Can Help You Protect Your Family and Your Money," Aug. 23, 2015

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