As resident in Illinois, you may be considering setting up a trust, but you're also likely wondering what your options are. Today, we'll take a look at a few types of trusts so you can better determine which would be best for you.
FindLaw kicks things off by examining the different types of trusts that you can look at. Some include:
- Asset protection
- Special needs
There are other types of trusts as well, which can cover even more varied situations. Of the ones mentioned, irrevocable trusts are trusts that are considered permanent right away. On the other hand, you can make a trust revocable, too. This means they can be changed, altered, modified, or even entirely done away with during your lifetime. After you pass on, however, it will become irrevocable.
The type of trust that will work best for you also depends on the purpose it's being set up for. For example, a charitable trust will benefit either a charity or the general public. Not only do these trusts benefit others, but they can be a great financial tool for you. Special needs trusts, on the other hand, are set up for people who are often on government disability and need some form of financial help in their life because of said disabilities.
As you can see, trusts can be beneficial to numerous people in many different situations. After you've decided whether or not a trust is right for you, you may benefit by further contacting an attorney for more information and guidance.