As we recently discussed, life insurance trusts serve an important purpose. These trusts can help to ensure that the money from your life insurance policy is protected from creditors and that it can be used in accordance with the schedule that you set for it. This isn't the only type of trust that you can use as part of your estate. We can help you learn about the options that might work for your needs.
When you are thinking about the trusts that you can include in your estate plan, there are several things you need to consider. One is what purpose you need the assets to serve while you are still living. Another is the circumstances that the beneficiary has that will impact the administration of the trust. For example, if the person is receiving government assistance, you should think about a special needs trust.
We understand that you might have a lot of questions about how you need to proceed. The answers to these questions aren't always easy to come by, but we can help you evaluate the options that you have so that you can make an informed decision based on how each option will impact you now and your loved ones in the future.
You must remember that trusts are only one of the components of your estate plan that you need to get in order. Ensuring that you have a comprehensive plan that clearly spells out your wishes can help you rest assured that your loved ones will know those wishes and be able to comply with them when the time comes.