Trusts are extremely flexible estate planning tools. While wills are limited in terms of what they can accomplish, trusts can be designed to achieve much more complex and sophisticated goals. At the Law Offices of Jeffrey S. Evans in Waynesboro, we are skilled in the creation of trusts and can incorporate them into your estate plan to meet your needs.
Types Of Trusts
Living trusts, also referred to as inter-vivos trusts, and testamentary trusts are the two primary types of trusts. A living trust is created while the person is alive, while a testamentary trust goes into effect when the person passes away. These trusts can be revocable or irrevocable. Most of the trusts we create are revocable living trusts.
Trusts can be broken down even further into subcategories that accomplish very specific goals. For example, the special needs trust is designed for beneficiaries with special needs and the life insurance trust is designed to protect life insurance benefits. When you choose our law firm, you will work with a trust fund lawyer who will carefully review your situation and determine the trust or trusts that make the most sense for you and your family.
Making Trusts Work
Trusts are complex. Unfortunately, that means there are many opportunities for errors to be made in their creation or execution. Our decades of experience mean that we know how to avoid the pitfalls. One of the most common errors made with trusts is that they are created, but they are not funded. In other words, the estate’s assets are not transferred into the trust, making it worthless and ineffective. We will make certain your trust is created and funded properly so that it is ready to do what it is supposed to when the time comes.