There are many estate planning tools out there and you must decide what’s going to work for your individual plans. The two most common tools are a will and a trust, which function individually as well as together. When you have not used these tools before, you’ll likely want the help of an experienced estate planning lawyer to give you further details about these so that you know what to expect and how to proceed.
While a will is the baseline of your estate plan, you might need more than this to provide further privacy and support for your needs. This can come in the form of a trust.
Whether or not you should create a trust in New Hampshire or migrate your trust to New Hampshire, is a question you should discuss directly with your estate planning lawyer. There are several different factors you’ll want to consider as you discuss your estate planning goals and the primary purposes for creating a trust. The most important factors to consider include:
- Terms of the trust
- The size of the trust given the possible benefits to be obtained from New Hampshire’s trust and tax laws which are relatively progressive
- Whether the trust will accumulate the majority of its income balanced with income tax savings
- The additional effort and expense in establishing or moving a New Hampshire trust
New Hampshire is a popular state for the establishment of trusts, particularly when you can work directly with an experienced lawyer to guide you through this process. Contact our New Hampshire estate law office today.