There are many components to think about when you are creating your estate plan. One of these is trusts, which help you to transfer assets to your loved ones without them having to use the will and probate court to get this done. If you decide that you are going to establish trusts, there are a few things that you have to think about before you can do this.
Trusts come in many forms, and each one serves a different purpose. Consider your goals and the recipient's circumstances when deciding what type of trust you are going to establish. If you have a loved one who relies on needs-based assistance to make ends meet, a special needs trust can enable you to help provide for their care without impacting their eligibility for those programs.