It’s considered a wise practice to have a will or trust in place in your adult life, even when you are unmarried or do not have children. There’s more to your life than you think about every day, and should the worst happen unexpectedly, would everything go where you think it should go or where you want it to go?
The good news is that you have a couple of options to consider.
You’ve likely heard of a will from family or popular culture. It’s a legal document in which you bequeath (or give) the belongings in your estate to whomever you’d like, including organizations (charitable or otherwise).
Part of the reason wills are popular in storytelling is that there can be much tension in a family after a person dies without one, especially if the person has a large estate.
A trust is a legal relationship wherein one entity holds property for the benefit of another entity.
There are several types of trusts you can create:
- Special Needs Trust: Allows a physically or mentally disabled or chronically ill person to receive income without risking eligibility for public assistance disability benefits
- Irrevocable Life Insurance Trust: When a trust owns life insurance policies, invests the proceeds, and administers the trust for the specified beneficiary or beneficiaries
- Credit Shelter Trusts: Allows assets in the trust to pass to the widowed spouse, tax-free
- Trusts for Minors: Holds and distributes assets for minors, as specified
Our experienced attorneys can help you decide which option is right for you however you want to plan for the future. Call us at 406-541-2550 to set up an appointment and get started today!