Many people start their estate plans with a will. Using this document is a good starting point, but it is not necessarily where the estate planning needs to end. For many Arkansas residents, adding a trust to their estate plans could allow them to better manage their final affairs, even after they are gone.
Trusts can be used for a variety of reasons, which is why it is important for individuals to consider what they want their trusts to do. Having an objective can help parties better understand the type of trust they may need to utilize and how they can best leave instructions to achieve their desired goals. The objective of the trust can be unique to the person creating it, which is why it wise to give it some thought.
Some people may think that they do not have a specific objective they want to achieve through their estate plan, but after some consideration and knowing that there is a planning tool that could help, they may find themselves wanting to be more specific in their plans. For instance, some individuals may want to donate assets to charity after their passing, and a charitable trust can help do that. Others may want to leave funds for a young loved one for a specific purpose, and a trust can help ensure that the funds are used properly.
When individuals do not have all the information, they may not know that they can make their estate plans work better for themselves and their families. A trust could help many Arkansas residents during their estate planning journey. Understanding their many uses may open their eyes to the possibilities.