Estate Trusts and Planning

Why Trusts Matter in Estate Planning

A trust is a legal arrangement that allows one person (the trustee) to hold and manage assets on behalf of another person (the beneficiary). Trusts can be powerful tools for managing how your estate is distributed, especially when you want to maintain control, provide for someone over time, or address unique family situations.

Unlike a Will, which takes effect after death, some trusts can be set up and used during your lifetime. Others are created by your Will and activated after you pass away. Trusts can also be tailored to match your intentions—whether you want to give someone access to income, delay access until a certain age, or limit how funds are used.

Adapting Your Plan Over Time

Estate plans don’t stay static, and trusts don’t have to either. In some cases, existing trusts can be amended or updated to reflect new circumstances—though this depends on the trust structure and local laws. Understanding how trusts can evolve helps you build flexibility into your estate planning strategy.

Trusts are especially helpful in complex situations, such as blended families, beneficiaries with disabilities, or business succession planning.

Why It’s Worth Considering

Including a trust in your estate plan helps you:

• Control how and when assets are accessed by beneficiaries

• Protect vulnerable or young beneficiaries

• Reduce probate fees and maintain privacy

• Provide tax advantages in certain scenarios

• Add flexibility to your estate plan through future amendments

Trusts are not just for the wealthy—they are useful for anyone who wants added control and structure in their estate distribution.

Foundations of Trusts & Amendments

These articles explain how trusts work, how they can be customized, and the differences between types of trusts:

• What Is a Trust?: Learn the basics of how a trust functions, who is involved, and when it might make sense in your estate plan.
• Trust Amendments: Understand the circumstances under which a trust can be amended and how to update trust terms to reflect new wishes.
• Discretionary vs. Fixed Trusts: Discover the difference between allowing a trustee to make decisions (discretionary) and assigning fixed terms and payments (fixed)—and how to choose the right approach.