TRUSTS

Trust based estate planning is not just for high net-worth individuals. It's the most comprehensive and purposeful planning tool you can use. There are multiple types of trusts, each with their own intricate workings and purposes, but the most common type is a revocable living trust. This type of trust keeps you in control, while preventing probate of your estate—if funded properly. You can revoke the trust at any point. The trust is established and the majority of your assets are re-titled to it. With the trust based plan, keeping it updated with your assets is key to avoiding probate. An additional backup is having a will with a pour over clause. This places all of your assets that were inadvertently left out of the trust into it upon death.

One of the best aspects of a trust is your ability to control it during your lifetime, as well as put restrictions on to whom and how it is distribute, including when.