It is not uncommon for people to think that if they have a valid will in place, they have taken care of all of their estate planning. Unfortunately, that is not true. Comprehensive estate plans involve more than just a will. Trusts, for instance, are one tool that help surviving family members and offer benefits for the person that created it during their lifetime as well.
Trusts are legal documents that create an arrangement between two parties: the trustee and the grantor. The grantor creates the trust and the trustee manages the trust in accordance with the wishes of the grantor. You have options when creating trusts for your estate plan. Below are 11 types of trusts you may want to consider when creating your estate plan. [Read more…] about 11 Types of Trusts for Estate Planning