Californian residents have a lot to cover when they start planning their estate. One thing to look into is the possibility of having a trust. Today we will look at two main types of trusts. We will also discuss how to use trusts and how they may benefit you.
First, there are two types of trusts: irrevocable and revocable. If you choose to create an irrevocable trust, know that you cannot alter it after its creation. Even you as the trust maker cannot alter it. You cannot take property out of the trust, either.
Some people view this as too inflexible. They may opt for a revocable trust instead. As the name implies, you can edit this trust at any point in your life. You can alter, change or modify it to suit your changing needs. You can even revoke it so that it no longer exists. You are also able to remove any property that you wish at any time for any reason. This keeps a lot of the control in your hands, which is desirable for many individuals.
Trusts serve many purposes. Avoiding the imposition of estate taxes is one reason. You can also set up trusts for charity. This ensures that causes you believe in get donations from your pocket even after you pass.
Do you want to learn more about estate planning? Are you curious about how to create a trust? If you want to read more about different types of trusts, take a look at our linked web page here. You can learn more about the types available and their various benefits.