While all trusts share some similarities, there are many different types of trusts that you can use as part of your estate plan. For that reason, it is helpful to know what some of your alternatives are if you are considering getting a trust.
Trusts can be a bit confusing. Everyone knows the basics. Trusts are a legal entity managed by a trustee for the benefit of others. Beyond that, however, trusts can get murky as there are many different types of trusts that are sometimes confusing to non-experts.
To help people overcome trust confusion, the Wills, Trusts & Estates Prof Blog recently published a short list of different types of trusts in an article titled “Choosing A Trust.”
The list includes:
If you have questions about these or other types of trusts, consult an experienced estate planning attorney. He or she can help you select the type of trust best for your unique circumstances.
Reference: Wills, Trusts & Estates Prof Blog (February 13, 2015) “Choosing A Trust.”
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