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Considering a trust when it comes to estate planning

Many Delaware residents may have made a New Year's resolution to get their affairs in order this year. This includes estate planning in order to ensure that surviving family members are provided for in the event of death. When it comes to making decisions regarding how that plan will be structured, a trust may be a consideration.

Trusts are not just for the rich. Many Delaware residents could find that a trust could be an invaluable part of their estate plans. For example, a revocable living trust could not only provide for family members after death, but it could also provide for them if they become incapacitated due to an accident or illness. A trust may be useful to help with the care of a disabled family member when an individual is no longer around to do so.

A trust provides the grantor (the person creating the trust) with the opportunity to outline just how a beneficiary is to receive distributions. Limitations may also be placed in the trust regarding the types of expenditures that trust funds may pay. A trust may also provide for a beneficiary for years to come, which may not happen with an outright distribution of a large sum of money or property. Trusts also allow beneficiaries with immediate access to the assets in it since they do not have to go through probate.

These are just some of the advantages of having a trust. During estate planning, it may be beneficial to explore the pros and cons of including a trust as part of an estate plan. In order to answer their questions and help ensure that the documentation is legal and fulfills their objectives, it may be a good idea for those considering this option to consult with an attorney.

Source: newarkadvocate.com, "Rehbeck: There are many reasons to consider a trust," Abigail Rehbeck, Jan. 21, 2018

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