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Different trusts do different things

When someone hears the word trust related to estate planning, they might think trusts are used to gain some tax benefits or used for tax purposes. People might also associate trusts with rich people only, and might feel that unless a person is wealthy, they don't serve a purpose. The truth is trusts can be used for many different purposes, and there are many types of trusts.

Some trusts are called revocable trusts and some people might also be familiar with simple trusts. These trusts can serve different purposes and might actually be called different things for some situations. While these aren't the only forms of trusts, they are common.

People might establish trusts as a part of their overall estate planning needs. A person might have tax considerations with their estate plan, so they might utilize many different trusts. These trusts work with other estate planning documents such as wills to ensure a person's wishes are followed.

An experienced estate planning attorney can help residents in New Jersey understand their estate planning needs, and use trusts as a part of that plan if needed. While a will is a good base for estate planning, trusts can help serve very specific needs in an estate plan.

When a person visits with an estate planning attorney, the attorney might ask them questions, some of which might have seemingly obvious answers or seem repetitive. These questions can help an attorney ensure that the person's estate plan has all of the aspects, possibly including trusts and a will, which are needed in order to ensure the person's wishes are followed after they pass away.

Source: nwitimes.com, "ESTATE PLANNING: Simple versus complex trusts," Christopher W. Yugo, May 25, 2013

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