In addition to having a will, many people are now setting up trusts as part of their estate planning. A common type of trust is the revocable trust which can be changed during a person’s lifetime. Revocable trusts are considered the “workhorse of modern estate planning.” To find out other reasons a trust should be part of your estate planning, follow our link to the NYT article.
Life After Your Death? Here’s Why You Should Have a Trust
By Elizabeth Olson at New York Times
Everyone needs a will, but, increasingly, estate planners say people also could benefit from setting up a trust while they are alive. That step would help assure that their assets are distributed more quickly, their bills paid promptly and continuously and personal information about property and other assets be kept out of the public eye.
Trusts have often been thought of as vehicles for wealthy people to dispose of their businesses, art work and other high-value items. But estate planners like Gerard F. Joyce Jr. of Fiduciary Trust Company International, the private wealth division of Franklin Templeton Investments, say certain types of trusts can be useful for those who are not ultrawealthy.
One of those is a revocable trust, which can be changed in a person’s lifetime. “It is the workhorse of modern estate planning,” said Mr. Joyce, who is also a lawyer. “A properly funded revocable trust can avoid the need for a public probate court proceeding after death that can take time and keep money from being immediately available.” [read entire article]