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What are the different types of trusts?

Any of our readers who are familiar with previous posts here know that there is a wide variety of estate planning tools they could consider. However, this is dependent on their goals and specific situation. For instance, trusts are becoming quite popular with many New Jersey residents. But, what are the different types of trusts?

First, it is important to know the basics, like the differences between revocable and irrevocable trusts. Revocable trusts, once established, are able to be changed in many ways or flat-out revoked. There can be many different reasons for why a person would want their trust to be revocable, but the ability to take property out of the trust at any time is probably the most popular reason. Irrevocable trusts, on the other hand, are just that: once established, they cannot be changed or revoked.

A charitable trust can be set up to benefit one or more particular charities. Establishing a charitable trust is a way for New Jersey residents to contribute to the charity both in life and with assets from their estate after death. Another example of a popular type of trust is a spendthrift trust, which protects the assets in the trust from the creditors a beneficiary might have.

The number of options that New Jersey residents have when it comes to estate planning can seem daunting at times. However, with the right information about what the best options are for your unique circumstances, it is possible for New Jersey residents to establish a plan that meets their goals.

Source: FindLaw, "Types of Trusts," Accessed March 20, 2017

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