Once you decide that you need an estate plan, you could find yourself a bit overwhelmed by the options you have. Like others here in Nashville, you probably thought you would need a will, a power of attorney and an advance directive, and that would be the extent of it. However, someone mentioned that you might benefit from one of many types of trusts available in order to fulfill your goals and wishes in the best way possible.
Since you may not have even considered a trust, you may be wondering why you would even need one. Only rich people need trusts. Right? Wrong. In fact, many people could benefit from these documents. For instance, any assets in the trust do not have to go through probate and can be readily available for beneficiaries upon your death. If you have minor children, a trust could protect the assets you want them to have upon your death until they reach the age of majority since minors cannot inherit property.
If you have a special needs child, a special needs trust could allow you to provide for him or her without jeopardizing the potential for government benefits and programs. You could use a trust to protect your assets from your creditors and any creditors your beneficiaries may have. Perhaps you want to make sure your beneficiaries only use the assets in the trust for certain things such as medical or educational expenses.
Whatever your reasons are for wanting a trust, it would most likely be a good idea to work with an experienced Nashville attorney. Trusts often require certain language in order to meet current laws, and without it, your trust may not serve your beneficiaries as intended. Moreover, like other estate-planning documents, this document also must be executed in a particular manner in order to help ensure it remains valid upon your death.