Living Trusts are common, but there are other types of Trusts.
While living trusts (a.k.a. inter vivos trusts) are used frequently, there are also testamentary trusts. Many people have the documents that create one, but they are not aware of it, according to NWI Times in "Wills can create trusts."
The revocable living trust is very common, so it is often assumed that all trusts are revocable living trusts. However, there are many different types of trusts.
For example, it is very common for a Will to create a testamentary trust for the decedent's beneficiaries.
Whether your estate plan creates a trust for your beneficiaries under a revocable living trust or a Will, make sure you understand what it will do (and not do) to protect and manage your estate.
A qualified estate planning attorney can help you create the estate plan that meets the unique circumstances of you and your family.
Reference: NWI Times (Feb. 19, 2017) "Wills can create trusts."
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