Different trusts serve various functions. The attorneys at Elkind and DiMento, P.A. are available to explain the different types of trust and help you choose which trust best suits your needs.
An irrevocable trust is a trust that cannot be terminated or revoked. Benefits of an irrevocable trust include protection of the funds from creditors of the trust grantor and avoiding probate of the assets upon the death of the grantor.
A revocable trust can be revoked at any time by the grantor of the trust.
A life insurance trust is a trust that is the owner or beneficiary of a life insurance policy on an individual. The benefit of establishing a life insurance trust is that, when the insured passes away, the proceeds of the life insurance policy pass to the beneficiaries in a trust without the need for probate and according to the terms and conditions of the trust.
With minor children, it is important to consider the establishment of a Trust to prevent your minor children from being able to access their inheritance at the age of majority, in the event of the parents untimely demise. At Elkind and DiMento, P.A., we are able to draft Estate Planning documents that will establish a Trust for minor children, should the parents pass away. The Estate Planning Document can set disbursements to minor children at certain ages, over certain periods of time, and/or for certain purposes, such as education or the purchase of a home.
We are able to advise on whether any of these trusts would be beneficial to a client and draft trust documents, suited to the specific needs of our clients.