Trusts
Using Trusts to Meet Your Estate Planning Goals
When it comes to loved ones, preserving assets takes on a whole new meaning. Trusts can play an important part in helping you pass your assets on to your heirs when you die, or even before you die, depending on your particular goals.Knowing the types of trusts that can help you meet the various estate planning goals is key when it comes to determining which trusts are right for your situation. Below is a chart that provides an overview of what these types of trusts can help you accomplish.
Overview of different types of trusts
Choosing a trustee for your trust
Overview of Different Types of Trusts
| Assets Avoid Probate | Transfer Wealth to Beneficiaries | Charitable Giving | Reduce Estate Taxes | |
|---|---|---|---|---|
| Charitable remainder trust | X | X | X | |
| Charitable lead trust | X | X | X | X |
| Credit shelter trust | X | X | X | |
| Revocable living trust | X | X | ||
| Irrevocable life insurance trust | X | X | X |
Note: Click on each type of trust to learn more.
Choosing a Trustee for Your Trust
A key component when establishing one or more trusts is determining who will manage the trust's assets. While some people take on that responsibility themselves, many find it more convenient and efficient to use the services of a professional trustee to handle the time-consuming, day-to-day administrative duties involved.Your Financial Advisor has access to Wachovia Bank, N.A., one of the finest personal trust companies in the nation. In this way, you can continue to rely on your Financial Advisor for help in selecting and setting up a trust and feel comfortable that he or she will stay involved in your trust.
Trust services are offered through Wachovia Bank, N.A., a national banking association and subsidiary of Wachovia Corporation, or Delaware Trust Company, N.A., a subsidiary of Wachovia Bank. Trusts that have their situs in and are governed by the law of Delaware use Delaware Trust Company as the trustee. Wachovia Trust is a brand name for the trust services offered by Wachovia. Wachovia Trust does not provide legal or tax advice. Any estate plan should be reviewed by an attorney who specializes in estate planning and is licensed to practice law in your state.
Insurance products are offered through insurance agency affiliates of Wachovia Corporation, including Wachovia Insurance Services, Inc., and are underwritten by unaffiliated insurance companies.