Are you confused about trusts? Do not worry because there are many people who do not quite understand them. Overall, trusts are a way to help protect your assets and estate. It is never too early to think about estate planning because doing so can only help you. You may even want to hire the help of trust and estate attorneys who will be able to guide you along the process and ensure that you are making good decisions. In this video, you will learn about the basics of trusts to help you get started and build a solid foundation on which to continue your estate planning.
There are two types of trusts that you need to know about. One is called testamentary trusts, or death trusts, and is more commonly associated with wills. They come into play after you have passed. On the other hand, the other type of trust is called living trust, and these exist during your lifetime. The biggest benefit to a living trust is that it avoids probate. These living trusts also come in two categories which the video will explain.