Having Multiple Trusts in Cary, North Carolina
Should I Have only One Trust? Do I Need Multiple Trusts?
There are many instances when your estate plan should have more than one trust. For example, you want to protect some assets and are not worried about other assets. In this case, you may need both a revocable and irrevocable trust. If you have several children and worry about them losing inheritance to divorce, you may need a revocable trust and a separate inheritance trust for each child. If you have a blended family and want to protect your spouse and your children, then you may need a revocable trust and two irrevocable trusts to direct retirement accounts to your spouse and then to your children (but not step-children). This is an approach where second marriages want to provide for each spouse and then have "his" assets go to "his" children and "her" assets go to "her" children.
Due to those common scenarios above, I frequently find that a comprehensive estate plan needs to include multiple Trusts.
Contact Us Today if you would like a review of your situation to determine if need a Trust and whether you need multiple Trusts.