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Before you opt for just a will, consider the uses of a trust

On Behalf of | Dec 12, 2019 | Uncategorized |

As you prepare to start your estate planning journey, you may think that a simple plan will be enough for you. After all, you may live by modest means, and though you have a few significant assets you may want to leave to loved ones, you believe that a will can cover what you need.

Before you decide to create a will and nothing else for your estate plan, you may want to consider other planning tools. For example, you may think that you do not need to create a trust because you do not have considerable wealth, but it is a misconception that trusts are only for affluent individuals.

How can you use a trust?

Trusts are versatile planning tools because of the different types available. You can choose a goal you want to achieve, and odds are a trust exists that can help you achieve that goal. If you cannot think of a specific goal off the top of your head, you may want to consider the following:

  • Charitable giving: Many people want to leave some of their remaining estate assets to charity, and a charitable trust can help you ensure that your wishes on that matter are followed.
  • Future pet care: If you have a pet, you certainly do not want anything bad to happen to it or to put too much of a burden on a new owner after your passing. A pet trust can allow you to set aside funds specifically for future pet care to ease the financial burden of a loved one who takes the pet for you.
  • Provide for loved ones: If you have a loved one with special needs, a special needs trust can better ensure that he or she will receive assets without putting his or her chances of receiving government benefits at risk. Additionally, if you have a loved one with an addiction, you can use a trust to bequeath assets that can only be used for certain matters or that can only be used if your loved one gets clean.

These examples are only a few of the many goals that trusts could help you reach. If the idea interests you, you may want to go over the many other types of trusts available with a Washington estate planning attorney. By having the right information, you may see all the ways that a comprehensive estate plan could benefit you and your family.