An individual can definitely have more than one trust. The question of whether they should have more than one trust depends on each person. Almost every person can benefit from having a revocable living trust. There are multiple benefits if one has this type of trust set-up, with the most commonly known benefit being “avoiding probate”.

Different Types Of Available Trusts & Their Purpose

There are two basic types, although there are numerous uses and purposes for each. Trusts that are revocable (or changeable) and irrevocable (non-changeable) are the two fundamental forms. Additionally, “testamentary” trusts and “living” trusts exist. Living trusts are established while the beneficiary is still alive with the intention of helping them during the beneficiary’s lifetime.

Revocable or irrevocable living trusts are available. Testamentary trusts are created by a will and take effect after the Trustor/Donor passes away. Usually, these trusts are irrevocable. Other irrevocable trust forms exist for a variety of purposes, including asset protection, Medicaid qualification (which varies by state), Special Needs trusts, charitable trusts, tax avoidance trusts, and so on.

Would I Lose Control Over My Assets If I Have A Trust?

It would depend on the type of trust and the purpose of the trust. With a revocable trust, the answer is no. If you completely give away your assets under an irrevocable trust and are not the trustee of that trust, however, you would lose control over assets.

There are some ways that you can retain a level of control, even where you give away the assets. This is where the professional services of a estate planning attorney can help you.

Get Help Today & Contact Our Office To Consult With An Estate Planning Attorney.

From drafting estate planning tools for you and required administration or the ability to financially secure your assets, and business. We will offer you the support and guidance you need at Hurban Law.

The post Can You Have More Than One Trust? first appeared on Hurban Law, LLC.