How to Choose the Right Type of Trust for Your Family

Not All Trusts Are the Same

The word "trust" covers a wide range of legal structures, each designed for different purposes. Choosing the right one depends on your goals, your family situation, and the level of protection you need.

Common Trust Types

Revocable Living Trust

Best for: Most families starting estate planning Key benefit: Avoids probate while you maintain full control Limitation: Doesn't protect assets from creditors or lawsuits

Irrevocable Trust

Best for: Asset protection and tax planning Key benefit: Assets are removed from your estate Limitation: You give up control over the assets

Special Needs Trust

Best for: Families with a beneficiary who has disabilities Key benefit: Provides for the beneficiary without disqualifying government benefits

Spendthrift Trust

Best for: Beneficiaries who may not manage money well Key benefit: Protects assets from beneficiary's creditors and poor decisions

Charitable Trust

Best for: Families with philanthropic goals Key benefit: Tax advantages while supporting causes you care about

How to Decide

The right trust depends on answering three questions:

1. What are you protecting?
2. Who are you protecting it for?
3. What level of control do you need to maintain?

A thoughtful consultation can help clarify which structure — or combination of structures — serves your family best.