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These types of trusts are used in estate planning

The more you learn about estate planning, as well as your personal situation, the more ideas you will have. There is a variety of things you can do to protect your assets while you are alive, as well as after you pass on.

While most people start by creating a will, you may want to learn more about the many types of trusts that are used in the estate planning process. These can benefit you while you are living, while also making life easier on your heirs once you pass away.

You don't want to choose just any type of trust, as each one provides something different in terms of benefits. Here are the five most common types of trusts:

-- Family trusts. This includes insurance, irrevocable and revocable trusts.

-- Revocable trusts. You can dissolve this type of trust at any time.

-- Irrevocable trusts. As the name suggests, this type of trust cannot be dissolved.

-- Charitable trusts.

-- Insurance trusts.

Some people create one trust while others decide that they require more than one. Regardless, you should become familiar with the many types that are available, as this can improve your situation now and put your family in a better situation down the road.

If you think a trust makes sense, don't hesitate to learn more about this estate planning tool. It could be just what you need to improve your situation in regards to your estate plan. You can learn more about each type of trust on our website, such as on our "College Station Estate Planning Attorney" page.

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