Trusts have become an increasingly popular tool in estate plans. They offer individuals and families numerous benefits over wills, and in many situations may be the preferred primary vehicle for transferring assets. At the law firm of Boehm & Boehm, we are experienced in working with trusts and all estate planning tools. We help clients understand their estate planning options and make informed decisions while creating an estate plan.
There are numerous types of trusts that can be used in an estate plan and for general financial planning. The most commonly used trust for estate planning purposes is the revocable living trust. Assets are placed in a revocable living trust while the grantor is still alive and can be managed by the grantor (or another trustee) during that time. After the grantor's death or incapacity, a successor trustee takes control of the trust and assets are distributed among the named beneficiaries according the terms of the trust.
Trusts are more expensive and time-consuming to set up than wills, but they offer several distinct advantages including: