It goes on to provide an overview of the many of the types of trusts such as revocable or living trusts, irrevocable trusts as well as charitable and special See more +

It goes on to provide an overview of the many of the types of trusts such as revocable or living trusts, irrevocable trusts as well as charitable and special needs trusts. The conversation begins with a basic overview of probate and why it is important to avoid the time and expense of probate as much as possible. A trust is a legal entity which not only protects the assets placed within it, the trust ensures the asset(s) pass to the beneficiaries at the time of passing in a timely, efficient manner. A trust eliminates the need for an asset to go through the process of probate and provides direct access for the beneficiary based upon the intentions of the grantor – the person(s) who establish the trust. It can also reduce tax exposures for both the grantor as well as the beneficiary.

There are decisions to be made regarding the form of the trust itself, and this is driven by the intentions of the grantor(s) as well as the nature of the assets. For example, if the goal is to provide for the needs of a beneficiary with special needs, the structure of the trust would be different than the form of trust which would handle charitable intentions. Which trust is best for your unique circumstances? What is required to establish and maintain a trust and how often should an existing trust be reviewed?

Listen to A Primer on Trusts with Janathan Allen to learn more about the important issues associated with reducing the time, cost and taxes associated with passing assets to a beneficiary. See less -