Once you have discussed the question of whether you need a trust with a knowledgeable attorney, the next step is determining what type of trust is right for your situation. There are many different types of trusts, all with their own advantages and potential drawbacks. The help of an experienced attorney is invaluable when exploring your options.

At Roeder, Cochran, Phillips, PLLC, we bring decades of estate planning and administration experience and stand ready to guide you through every step as you choose the appropriate trust (or trusts).

What's The Right Trust For You?

There are many different trusts that serve different purposes. Some of the most common types of trusts include:

  • Revocable living trust: A living trust goes into effect upon your death; this type of living trust allows you to manage your trust during the course of your life and you can amend or terminate the trust at any time. The primary purpose of a revocable living trust is to name who will inherit the property you have placed into the trust.
  • Irrevocable living trust: Much like a revocable living trust, the purpose is to name your beneficiaries and specify who will receive specific assets in the trust. The primary difference is that you transfer ownership of the property to beneficiaries while you are still alive, and the terms cannot be changed during your lifetime.
  • Disability trust: A wonderful option for parents who want to make sure a child with a disability or other long-term care needs will have the assets necessary for ongoing treatment and care.
  • Charitable trust: This is an irrevocable trust that is created to give some of your assets to a charity of your choice. Once the terms of the trust have been met, the remainder of your assets will be distributed to your heirs.
  • Education trust: A trust that allows you to set aside estate assets to pay for the educational expenses of a chosen beneficiary.

This is only a sample of the many types of trusts that are available for you to consider. An attorney from our firm can help you choose the right options based on your specific needs and goals.

Call Today For A Free Consultation With An Experienced Lawyer

We're ready to help you determine what type of trust or trusts is right for you and your beneficiaries. You can reach our McLean, Virginia, office by calling 703-749-6050. We also respond quickly to online inquiries.