What are the different types of trusts? | Long Island Estate Planning Attorney

May 13, 2014 2:34 pm

There are many types of trusts. 

  • Revocable trusts can be changed or amended at any time.
  • Irrevocable trusts cannot be changed.
  • Inter-vivos trusts are created during your lifetime.
  • Testamentary trusts are included in your last will and testament, but do not take effect until you have died and your will has been submitted for probate.

Revocable and inter-vivos trusts are often used for money management during someone’s lifetime and to distribute assets without a probate after someone has died.

Testamentary trusts can be used to protect a disabled child or grandchild or to shelter or guard assets.

Trusts that protect assets against medicaid are always irrevocable.

At Makofsky & Associates, P.C., the experienced Long Island estate planning attorneys each have years of experience helping clients plan for the future and protect their assets. To schedule an appointment with a lawyer at Makofsky & Associates, P.C. call (516) 228-6522.