Using multiple trusts in estate planning
When people in South Carolina think about planning for the future, they may wonder about the opportunities provided by instruments like trusts, which can be flexible and offer additional control. In addition to a will, many people opt to create trusts, especially if they want to pass property to minor relatives or otherwise direct a more complex distribution that may be possible in a will. After a trust has been established, people may wonder if they can make a second or additional trust.
A trust only manages the distribution of property that has already been assigned to it. Therefore, if people want to distribute that property differently than how it was designed in the original trust, they can make an amendment to change the trust document. In addition, if they want to completely replace the text of the original trust, they can create an restatement. Of course, as long as the trust is revocable, the creator can also revoke it and later create an additional document. In many cases, people can address their concerns through some form of an amendment.
People may want to create an additional trust to serve a different purpose. For example, a charitable trust may be created to continue and fund future charitable giving. A special needs trust can be an important financial tool for parents of special needs children. By using this kind of trust, parents can help support their children while preserving their eligibility for important government benefits, including housing and health care programs designed for people with disabilities.
People often want to use a number of instruments to protect their loved ones after they pass away. By working with an estate planning attorney, people can plan for the future and execute key documents like wills, powers of attorney and trusts.