Individuals and families in Massachusetts and nationally that are thoughtfully focused upon estate planning often have numerous questions regarding trusts.
Those queries run a wide gamut, and that is understandable. There are many types of trusts, with the instrument collectively commanding a broad-based utility. That is, trusts can be employed as impressively flexible legal tools to promote any number of key planning goals.
A reader recently posed a fundamental question to a trust-focused columnist that we think merits spotlighting in today’s post.
That query was direct, namely this: Can a planner establish more than one trust?
It’s a good question, with the answer being equally succinct, as well as unequivocal. Indeed, planners across the county often create multiple trusts for varied reasons.
A tandem question that a specific individual might reasonably ask is this: Given my particular circumstances, will creating more than one trust promote my estate goals?
That is something that can be best decided via a candid and comprehensive discussion with an experienced estate planning attorney.
A seasoned estate administration lawyer will help a would-be or actual client identify exactly what it is that is sought to be addressed through trust creation. Is it asset preservation and/or protection from creditors? Is the primary focus on charitable giving? Perhaps a loved one has special needs, which a trust can optimally address. It is sometimes the case, too, that a planner is thinking far down the road and might see the value in establishing a generation-skipping trust.
The bottom line is that there are myriad trust vehicles that can be smartly incorporated into a tailored estate plan. A proven attorney can discuss them with a planner and ensure their employment in a manner that optimally promotes estate-linked objectives.