How do I know what type of trust that I need?

Question

Robin Masson · Answer

A trust can be a useful estate planning tool.  You should work with an attorney familiar with estate planning to explore your goals and needs to determine whether a trust will help you achieve them, and if so, what kind of trust.  There is no "one size fits all" type of trust.

Janis Blough · Answer

If you don't konw what you need, you had better seek out the advice of an  experienced attorney.  no point a do-it-yourself trust if it's the wrong kind.

Michael Stafford · Answer

You have to discuss your ultimate desires with an attorney who after consultation will than advise you of what you need.

Russell Blood · Answer

By the manner in which you've asked your question, you are apparently assuming that you need a trust.  While I prefer using a trust as an estate planning tool, an important consideration for most clients is the cost of putting a plan in place.  For example, trusts are generally more expensive than wills.  If a trust is the right estate planning tool for you, the type of trust is difficult to say without knowing more facts.  The best way to determine the right kind of trust for you and your family would be to meet with an experienced estate planning attorney who could explain your options to you and help you decide what you need and what will help you accomplish your objectives within your budget.

Shadi Ala'i AlaiShaffer · Answer

There are many types of Trust, the best and only way is to seek the advice of a Trust Attorney.  Many if not all provide free consults. I highly advise not doing it yourself as there are many moving parts to a trust and an estate plan. Congrats on getting your plan in place - you will save yourself and family a lot of money, time, and agony if you get your plan in place now before its too late!

Eric Smith · Answer

You speak to a lawyer. Trusts can serve a multitude of purposes, from protecting from creditors to tax planning to maintaining state benefits that are dependent on income. A trust can and should be written to meet your specific needs. Sometimes when you think you need a trust, your needs can be met by other estate planning documents, like a will. I say again, talk to a lawyer.

Hasmik Ohanian · Answer

This will depend on your needs and your situation. A living trust can be either revocable or irrevocable which means that you can revoke or cancel until your death or not, respectively. A trust takes effect during one's lifetime and a will takes effect after one's death. We usually prepare both a trust and a pour over will together so that all your needs are met. This will also include a power of attorney and health care directives for both financial and health decisions, respectively.

Frances Headley · Answer

The type of trust needed depends upon the size of your estate and the needs of your beneficiaries.  You should consult an estate planning attorney to review all of the relevant facts and help you to decide what is best for you.

Jay Moreland · Answer

Set up an appointment with an attorney who can discuss your needs and situation.

Victor Waid · Answer

For most people considering the preparation of a trust, most choose a revocable trust, not a irrevocable trust which cannot be amended or revoked with agreement of beneficiaries and a court order. A revocable trust can always be amended or revoked at anytime by the person who set up the trust, known as the settler or trustor of the trust.

Mark L. Dodds · Answer

There are so many things a trust can do, and so many different ways these things can be accomplished, the only way to know what kind of trust you need and what the trust must say is to engage the services of a competent, experienced attorney who is well-versed in trust law. In addition, the tax implications of a trust are usually highly significant as well; therefore, the attorney should understand tax law and how to achieve the tax results you are looking for.

James Frederick · Answer

The BEST way to do this is to speak with an estate planning attorney. It may be that you do not need a trust, at all. It all depends on the facts of your situation and your objectives.  The other alternative is to gather all of the estate planning resources you can find and educate yourself as to what your options are. Given the time and potential expense of doing that, it is probably better to simply call an attorney.

John Schleiffarth · Answer

You should first meet with a qualified estate planning attorney to so you can assess your needs and create a plan that will serve your interests.

Richard Damon · Answer

For most people, a revocable living trust is the best bet.  If you are quite wealthy, you can afford to pay an attorney to help you choose!

Penni Skillern · Answer

The type of trust that you need depends on your estate, and what it is made up of. The most common type of trust is a basic Living Revocable Trust, which is the type most people get. If you have a larger estate and it goes over the federal estate tax limit, then there are other types of trusts that you can discuss with an estate planning attorney. For instance, if you are married, you may want to look into a A-B trust, which is an estate plan that allows for more marital tax planning. If you are in a second marriage and each spouse has other children and separate property, you may want to discuss a QTIP trust with your attorney. There are many trusts out there for each person's individual needs, so discussing your options with an attorney would be the best way to decide.

Monica H. Donaldson Stewart · Answer

I would recommend that you consult with an attorney who can discuss your objectives and advise you as to the proper type of trust or other estate planning document.

Randy Harvey · Answer

The question revolves around control. Do you want to control the assets, do you want to protect assets from creditors, the government, etc?  The answers will determine if you want a revocable or irrevocable trust.

Neal Michael Rimer · Answer

There are revocable and irrevocable trusts.  Most people use a revocable trust as a substitute Will, which avoids going through probate to transfer assets following the death of the Settlor (the person creating the Trust).   It is not a good idea to try to do a trust by yourself.  A Trust is basically a contract that must be complete to be able to operate both during life and upon death of the Settlor, giving the successor trustee the ability to perform their responsibility of disposing of the assets pursuant to the terms of the Trust.  There are legal issues, statutory issues, tax issues, and many practical issues that need to be discussed, understood for each person, then documented properly.  Usually, creating flexibility is the goal so that unknown issues at the time of creation of the trust can be dealt with later without having to go to court and spend a whole bunch of money.   Consult with a knowledgeable attorney to be able to get the job done correctly.

Kelly Bagla · Answer

That will depend on what type of an estate you have and what your wishes will be.  The only way to answer this question is for you to get some advice from an attorney who specializes in Estate Planning.

Matthew Scott · Answer

It depends on several factors, such as the value of your estate, whether you are married or have a blended family, how much estate tax protection you need, and the like.  I presume you already know that a trust can avoid probate and so now I would recommend that you speak with a qualified estate planning lawyer to determine how your trust should be structured.

Richard Kaplan · Answer

That depends upon your needs, goals and objectives.  Whether a trust can meet them depends upon the facts and circumstances.  You need to consult with a legal adviser to determine what is the best course of action.

Find a Lawyer

Ask a Lawyer

Read Legal Articles

Ask a Lawyer

Read Legal Articles

How do I know what type of trust that I need?

21 ANSWERS

Find Local Estate Planning Lawyers

Helpful Resources

Ask a Lawyer