When Wisconsin estate owners think about planning for the future, they may want to take advantage of the additional flexibility and control provided by trusts. Some may wonder if it’s possible to create more than one trust to handle different parts of an estate. By creating a new trust, one won’t revoke a previous trust unless the document explicitly seeks to address the original document. This is one aspect that differentiates trusts from wills.
If an estate owner wants to change a trust, they many consider a trust restatement or complete amendment. These will alter the initial distribution of assets as part of a trust. In some cases, an estate owner can simply adjust the terms of the existing trust. If someone wants to distribute a specific asset outside of the normal distribution process, they can create a specific provision for that asset alone in the same trust.
However, there are other reasons why an estate owner may want to create a separate trust. A special needs trust is a specific estate planning tool that allows parents to leave particular assets, insurance policies and other funds to benefit a child with special needs. This kind of trust can preserve the child’s eligibility for government assistance, particularly health care benefits.
Someone who is planning for the future may have a number of options that can allow them to achieve their goals and provide care for their loved ones. An estate planning lawyer can provide advice and draw up key documents, including wills, trusts and powers of attorney.