No matter what type of trust fund you decide on, if it is not the right one for you it is worthless. You have to take a long hard look, not only at your financial situation, but what your goals are for the future. Do you want to provide for your children while they are minors? Create a college fund for your grandchildren? Or avoid having your spouse and heirs pay estate taxes twice on your estate?

It is not an easy decision to make. You will want a qualified estate planning lawyer to lead and guide your decision. And to make sure everything is done correctly.

Covering Everything

When you are planning your estate and deciding which types of trust funds to use, you want to have everything covered. There is no sense in taking care of three-fourths of the estate and leaving the other fourth to chance. So go over everything with your lawyer and make sure you have done the following.

Take Care of the Kids

In the case of minors, who is administering their trust funds? Are the funds set up adequately? Are you going to provide for them until age twenty-one or beyond that? Appoint guardians to take care of them if both parents die. Make sure if you want their college paid for it is in the terms of the trust. Be specific.

Take Care of Yourself & Your Spouse

Does your trust fund provide for your retirement adequately? Is your life insurance trust fund financially stable? You will not want your spouse to have to suffer financially while you are gone. Are health problems taken into consideration when planning your trust funds?

Estate Taxes

Have you done everything possible to avoid your estate going to probate and being taxed heavily upon your death? There are a lot of options to avoid this for persons with assets above the exemptible amount allowed by the IRS.

Charitable Trust Funds

Have you considered any charities that you want to provide for? Now is the time to set up trust funds for them. Channel extra money into these trust funds. They can be set to be in place and supporting your favorite charity while you are alive or upon your death.

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