There are many different types of trusts that can do different things. No type of trust is absolutely better than any other type, so the best type of trust depends on individual circumstances.
You can read all sorts of articles on the Internet about different types of trusts. Many types of trusts exist and there are many articles for each type. These articles are designed to advise people concerning the type of trust they need.
Many of these trusts have impressive sounding names and seem like they could be exactly what you need. People can get confused by this, if they are not sure which type of trust is the best one.
However, which type of trust is the absolute best one, is not the right way to think about trusts, as Kiplinger discusses in “What Type of Trust Solution is Best for You?”
The best way to think about trusts is to first determine why you want a trust. What do you want the trust to do? For example, do you want a trust primarily for tax reasons, or do you want a trust primarily to make sure your minor children are financially secure, if something happens to you?
Tell an estate planning attorney the reason you want a trust. The attorney can design a trust that accomplishes your goals.
Reference: Kiplinger (April 30, 2018) “What Type of Trust Solution is Best for You?”
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