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Understanding types of trusts

Texas residents who are looking forward to reviewing their estate plans at the start of the year are not alone. A fresh new year is an ideal time to take an updated look at major plans and decisions about one's financial future and estate should well be part of that. When looking at an estate plan, it is important to understand the various tools and vehicles available. When it comes to trusts, there are multiple types from which to choose, each with its own set of potential benefits and specific uses.

Fidelity explains that in general people may find trusts helpful in avoiding the time and costs associated with probate as well as the ability to keep estate plans private, even after death. In addition, trusts can give Texans more control over not just who should receive what from their estates but how those assets should be used or distributed. Clauses that prevent heirs from squandering hard-earned money can help ensure assets are used in positive ways.

According to CNN Money, trusts may be revocable or irrevocable. This means they are either able to be changed once created until the person dies or they are fixed forever once developed. This is essential to understand and can guide people to the type of trust they want.

Many trusts are very specific such as generation-skipping trusts that are most commonly used to bequeath money or assets to grandchildren. Irrevocable life insurance trusts take life insurance policies out of an individual's ownership and put them into the control of a trust.



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