How do I know what type of trust that I need? 32 Answers as of September 26, 2012

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Lisa L. Hogreve, LC | Lisa L. Hogreve
The only way to know for sure is to consult with an attorney who practices in the area of trusts.
Answer Applies to: Florida
Replied: 9/26/2012
Masson Law Office
Masson Law Office | Robin Abrahamson Masson
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.
Answer Applies to: New York
Replied: 9/20/2012
Stephens Gourley & Bywater | David A. Stephens
That depends a great deal on what you are trying to accomplish with the trust.
Answer Applies to: Nevada
Replied: 9/20/2012
Danville Law Group | Scott Jordan
It is difficult to say without more information. I recommend you contact an estate planning attorney in your area and schedule a consultation. The small price for the meeting will go a long way towards creating the right estate plan for you and your family.
Answer Applies to: California
Replied: 9/20/2012
Blough Law Office | Janis L. Blough
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.
Answer Applies to: Michigan
Replied: 9/20/2012
    Law Offices of Michael N. Stafford | Michael N. Stafford
    You have to discuss your ultimate desires with an attorney who after consultation will than advise you of what you need.
    Answer Applies to: California
    Replied: 9/20/2012
    Law Office of Russell M. Blood, P.C. | Russell M. Blood
    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.
    Answer Applies to: Utah
    Replied: 9/20/2012
    The Law Office of Eric J Smith
    The Law Office of Eric J Smith | Eric Smith
    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.
    Answer Applies to: Texas
    Replied: 9/20/2012
    Asset Protection and Elder Law Center
    Asset Protection and Elder Law Center | Shadi Alai-Shaffer
    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!
    Answer Applies to: California
    Replied: 9/20/2012
    LAW OFFICE OF JASMINE OHANIAN | JASMINE OHANIAN
    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.
    Answer Applies to: California
    Replied: 9/20/2012
    Law Offices of Frances Headley | Frances Headley
    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.
    Answer Applies to: California
    Replied: 9/20/2012
    Jay W. Moreland, P.A.
    Jay W. Moreland, P.A. | Jay W. Moreland
    Set up an appointment with an attorney who can discuss your needs and situation.
    Answer Applies to: Florida
    Replied: 9/20/2012
    Grant Morris Dodds | Mark Dodds
    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.
    Answer Applies to: Nevada
    Replied: 9/20/2012
    Law Office Of Victor Waid
    Law Office Of Victor Waid | Victor Waid
    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.
    Answer Applies to: California
    Replied: 9/20/2012
    WARM SPRINGS LAW GROUP | Elliott D. Yug
    What do you want to accomplish? If you just want to transfer assets on your death that is a relatively simple trust. If you want to protect assets, you need an asset protection trust. That is a bit more complicated. Contact an attorney to determine what type of trust you need and to get it done properly.
    Answer Applies to: Nevada
    Replied: 9/20/2012
    Law Offices of R. Christine Brown | R. Christine Brown
    Not to sound self serving, you really need to discuss the issue with an attorney. An attorney must ask you several questions about your particular circumstances (assets, family, etc) in order to determine the type of trust you need & what the terms of your trust should be.
    Answer Applies to: California
    Replied: 9/20/2012
    Frederick & Frederick PLC | James P Frederick
    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.
    Answer Applies to: Michigan
    Replied: 9/20/2012
    Charles M. Schiff, Attorney at Law
    Charles M. Schiff, Attorney at Law | Charles M. Schiff
    You need to meet with an estate planning attorney, disclose all pertinent information to him, and let him/her know what you hope to accomplish. People are often subjected to misinformation by organizations that want to sell "trusts".
    Answer Applies to: Minnesota
    Replied: 9/20/2012
    John C. Schleiffarth, P.C. | John C. Schleiffarth
    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.
    Answer Applies to: Missouri
    Replied: 9/20/2012
    Richard E. Damon, PC | Richard E. Damon
    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!
    Answer Applies to: California
    Replied: 9/20/2012
    Skillern Law Firm
    Skillern Law Firm | Penni Skillern
    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.
    Answer Applies to: Oklahoma
    Replied: 9/20/2012
    The Law Offices of Ralph W. Flick, P.S.
    The Law Offices of Ralph W. Flick, P.S. | Ralph W. Flick
    This is a very broad question and will be driven by a number of factors. You may not even need to incur the cost of a trust in order to achieve many planning objectives (or, at least, not necessarily a trust that you have to create today). The facts that will drive the type of trust, and whether a trust is needed, relate to the types of assets that you have, the planning objectives that you would like to achieve and your family situation.
    Answer Applies to: Washington
    Replied: 9/20/2012
    Donaldson Stewart, PC
    Donaldson Stewart, PC | Monica H. Donaldson Stewart
    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.
    Answer Applies to: Arizona
    Replied: 9/20/2012
    Bassinger & Harvey
    Bassinger & Harvey | Randy J Harvey
    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.
    Answer Applies to: Oregon
    Replied: 9/20/2012
    Neal M. Rimer, Esquire
    Neal M. Rimer, Esquire | Neal M. Rimer
    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.
    Answer Applies to: California
    Replied: 9/20/2012
    Bagla Law Firm | Kelly Bagla, Esq.
    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.
    Answer Applies to: California
    Replied: 9/20/2012
    Richard J Kaplan, PA
    Richard J Kaplan, PA | Richard J Kaplan
    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.
    Answer Applies to: Florida
    Replied: 9/20/2012
    THE BROOME LAW FIRM, LLC
    THE BROOME LAW FIRM, LLC | Barry D. Broome
    Good question. Trusts come in several forms and each form has a specific purpose. The first decision is what do I want my trust to do. Living trusts come in revocable and irrevocable types.They are used to avoid probate and utilize the current estate taxes. You can also use your Last Will & Testament to utilize tax advantages. A trust inside your Will is called a testamentary trust as opposed to "living trust". A standard to determine which is best for you is based on too many factors to discuss here. Please find an estate lawyer to help you understand.
    Answer Applies to: Georgia
    Replied: 9/20/2012
    Law Office of Matt Potempa, PLLC
    Law Office of Matt Potempa, PLLC | Matt Potempa
    There are many different types of trusts depending on your goals. You should contact an experienced trust attorney.
    Answer Applies to: Tennessee
    Replied: 9/20/2012
    Law Officeof Matthew D. Scott | Matthew D. Scott
    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.
    Answer Applies to: California
    Replied: 9/20/2012
    Martinson & Beason, PC
    Martinson & Beason, PC | Douglas C Martinson II
    You would need to meet with an attorney, give them the facts of your situation and determine what type of trust you need. There are several different types of trust for different purposes and there isn't enough information in your question to determine what type you need. They can be drafted for several different purposes and can be custom tailored to your needs and desires.
    Answer Applies to: Alabama
    Replied: 9/20/2012
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