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Whether you need a trust instead of – or in addition to – a will depends on your circumstances, such as the size of your estate and your personal goals.

Many people are familiar with a will as a means of distributing assets. A will is a legal document that outlines how a person's assets and property should be distributed after death. It allows individuals to specify who will receive belongings and in what proportions. Wills also designate guardians for minor children and can help minimize family disputes over inheritance. In some ways, a trust can be even more effective for asset distribution.

Wills and trusts are foundational estate planning tools. While each is used to distribute assets to beneficiaries, they do so in different ways. Each also has its own distinct uses and advantages. They’re often used together to close gaps in an estate plan and prepare for multiple scenarios that might otherwise cause unexpected burdens for heirs.

Creating a spendthrift trust for your loved one can limit their spending and protect wealth. While this type of trust may come at the expense of their autonomy, it can provide them with greater financial security.

According to the 2023 Wills and Estate Planning Survey by Caring.com, only 34 percent of Americans have an estate plan.

Totten trusts, or payable-on-death bank accounts, are an estate planning tool that allows you to transfer money to a chosen person upon your death. When you make a Totten trust, you put funds into a revocable trust and designate a beneficiary to receive them.

Running a small business can keep you busy, but it should not keep you from creating an estate plan. Not having a plan in place can cause problems for your business and your family after you are gone.

Trusts are great tools for leaving assets to your heirs while maintaining control over their access to those assets. In many cases, you would tell your beneficiaries that you have made a trust for them. However, this is not always desirable — and this is where a “quiet” trust may be helpful.

If you want to pass money to future generations without having it subject to gift and estate taxes, then a dynasty trust may be right for you. A dynasty trust allows trust assets to be used for the benefit of multiple generations while keeping the assets out of the grantor’s and the beneficiaries’ taxable estates.

One of the many factors to consider when setting up a trust is whether to make it a grantor trust or a non-grantor trust. While a grantor trust is more common, a non-grantor trust can be useful in certain circumstances. 

Being asked to serve as the trustee of the trust of a family member is a great honor. It means that the family member trusts your judgment and is willing to put the welfare of the beneficiary or beneficiaries in your hands.  But being a trustee is also a great responsibility. You need to go into it with your eyes wide open. Here are six questions to ask before saying "yes":

Revocable trusts are a very popular and useful estate planning tool. But the trust will be ineffective if you do not actually place your assets in the trust.

Trusts fall into two basic categories: testamentary and inter vivos.

A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a "trustee," holds legal title to property for another person, called a "beneficiary."

No parents want their children to fight among themselves after they are gone. Sadly, conflicts often arise, especially when a parent has gifted or loaned money to one child and not others. However, a few key words in your estate plan can minimize the potential for conflict.

As a Crossville estate planning attorney, I would like to share some remedies to consider when you find yourself dealing with an untrustworthy trustee.

If you don't have a will or trust, you have no control over how your estate is distributed.

A Revocable Living Trust can be the best way to pass your estate to your heirs, in the way YOU want it to. An experienced, knowledgeable trust attorney is who you need to design the right trust for your unique situation.

When creating an estate plan, the main decision is how your assets will be distributed after you pass away. Understanding "per stirpes" and "per capita" distribution is key to that decision.

Why is the revocable trust so appealing? You can change it whenever you'd like. You do not have to have a lot of money or assets in order to benefit from the use of trusts, according to Barron's in “Why a Trust is a Great Estate Planning Tool – Even if You're Not Rich.”

Protect your assets from being mishandled. As you prepare an estate plan, consider a look at creating trusts to protect assets through the generations, according to the Times Herald-Record in “Leaving inheritances to trusts puts you in control.”

Trusts have been around for a very long time and it is important to understand how they work. A trust can be quite complicated. That is why you need good legal representation in order to use one properly, according to the Pittsburgh Post-Gazette “Do I need a trust?” Trusts are created by the ...

So, which trusts will work for you? There are many ways to use various trusts within an estate plan and it most likely will be beneficial to learn which ones will help achieve your goals, according to The Daily Sentinel in “Are you prepared for threats to your estate?”

Amendment can become quite complicated, so proceed with strong legal advice. Most trusts are amendable. However, it is a good idea to make sure before you begin the move, according to The Times in “Estate Planning: Who can amend a trust?” 

You may create a trust online or in other ways, but is your trust funded? Trusts must be funded, but that does not mean just putting money in them. It means transferring the title of property to the trust, according to the Times Herald-Record in "How to transfer assets to a trust."