There are many different types of trusts, each of which can be tailored to serve the planning of a person’s estate. An experienced estate planning attorney can help you assess your finances and goals to determine the best vehicles to preserve your wealth and your legacy.
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Revocable living trusts are documents separate from wills, although they often work together with wills to implement the decedent’s wishes. RLTs are primarily used to avoid probate or when a person owns real estate in multiple states.
Many believe that trusts are only for millionaires. Trusts can be invaluable tools in the estate plans of many of individuals. In estate planning, trusts are created by the person doing the estate planning, the Trustor, who authorizes another, the Trustee, to manage the assets for the benefit of a third party, the Beneficiary. Some types of trusts that are commonly used in estate planning include: