Create a more robust estate plan with trusts.
As you've begun planning your estate, you’ve heard about trusts. You might associate trusts with people who are very wealthy and pass that wealth onto their kids, but that’s not all trusts are good for.
Why use a trust?
Trusts can help you ensure your assets are distributed to your specifications. You can stipulate the beneficiary, when the assets are distributed, and what assets are distributed. They give you more control over the distributions of your estate and assets.
Trusts can also help save time and reduce the expense and effort it takes to ensure your estate plans are fulfilled. Through other tools of estate distribution, your beneficiaries will incur estate and inheritance taxes and have to deal with probate.
Trusts allow any beneficiaries to continue using public benefits. Other estate plan resources may change the income status of beneficiaries and keep them from using public aid.
How are trusts and wills different?
While a will does have its place in estate planning, it’s trusts that give you more control. When assets are gifted through a will, there are no stipulations over when or how your assets are distributed.
If you’re looking for a way to have more control over when your beneficiaries receive your assets or even how they’re spending the assets, a trust is the way to go.
What kinds of trusts are there?
There are also different types of trusts for different life circumstances: living or testamentary, funded or unfunded, revocable or irrevocable.
Each type of trust can help you achieve your estate goals in different ways.
Call the office if you’d like to discuss more about using trusts in your estate plan.
This communication is designed to provide accurate and authoritative information on the subjects covered. It is not however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.
Using Trusts in Your Estate Plan
April 28, 2021