Individual circumstances determine the best type of trust for you.
Much of the confusion over trusts is a result of some impressive sounding names that do not actually describe what the trust accomplishes. Therefore, deciding on which type of trust is the best one by name is not the right way to think about trusts. You should instead think about your needs, according to Kiplinger in “What Type of Trust Solution is Best for You?“.
The best way to think about trusts is to first determine why you want a trust. What do you want the trust to do? For example, do you want a trust primarily for tax reasons, or do you want a trust primarily to make sure your minor children are financially secure if something happens to you?
An estate planning attorney can advise you on creating an estate plan that fits your family’s circumstances and may include trusts that will help you meet your goals.
Reference: Kiplinger (April 30, 2018) “What Type of Trust Solution is Best for You?”
