Estate Trust Facts and Considerations
A trust is a tool that will transfer assets to any beneficiaries. While they don’t include details like cremation services in Pensacola, FL, they can be an exceptional addition to any will or plan. The trust offers multiple benefits, including transferring the assets easily, eliminating or reducing taxation, and keeping the property out of probate, so let’s look at a few different types to choose from.
Revokable
Revocable trusts can be altered or changed even after they’re completed. These can be beneficial for scenarios where circumstances might change over time, or if you feel the trust may need to be canceled at some point, it offers you an alternative with flexibility for alterations.
Irrevocable
This type of trust cannot be revoked or modified without getting permission from the beneficiaries. Once this type of trust is created, the grantor relinquishes control and ownership of the assets and then transfers them from their estate. This type of trust offers extra tax advantages and asset security, making them more attractive for complex or large estates.
Testamentary
The testamentary trust is also known as a will trust and will be set up through the last will and testament. Its purpose is to appoint a trustee to distribute and manage the assets, and after the probate process is completed, the executor will transfer assets to the testamentary trust. This option lets you set stipulations and limitations on how the beneficiaries can access the assets offering a greater sense of control and intention with how the assets are distributed.
Charitable
Charitable Trusts are created during the trustor’s life, and the assets will be distributed to any specific nonprofits or charities the individual chooses. This type of account will also allow for avoiding or reducing gift and estate taxes.
Totten Trust
This is also a payable-on-death account where money is deposited into a bank account or other security, and a beneficiary will be named to inherit the funds. This is a revocable trust; the beneficiary won’t have access to the funding or accounts until the individual has passed away.
Asset Protection
The asset protection trust is precisely what the name says, and it intends to protect assets from creditors and legal disputes. This type of trust will protect assets from divorce, bankruptcy, taxation, or other kinds of judgments.
Generation-Skipping
Generation-skipping trusts are intended for those who want the estate to go to their grandchildren as opposed to their children. one of the benefits is this is by transferring the assets to the grandchildren, they avoid estate taxes; however, you can add in the option to give your children access to any income generated by the estate.
Exceptional and Trusted Services You Can Depend On 
These are just a few of the trusts available, and it can be challenging to know which one is right, so it is recommended to have legal support to ensure they are correctly completed. And if you have recently experienced a loss and need cremation services in Pensacola, FL, our team has provided exceptional services since 1965. We specialize in cremation, burials, and veteran services, so call us today if you have any questions about our service and or need help.
