If you want to protect your assets, one of the best things you can do is set up a trust.
While some people think that only very wealthy people benefit from having a trust, the reality is that a trust offers many advantages to anyone with assets.
Trusts can help protect you if you become incapacitated, and eliminate the need (and costs) for probate. Trusts allow you to determine who will receive your assets and when. One important aspect of trusts is that assets are passed on to your beneficiaries quickly and privately, based on your wishes.
A Trust is often confused with a Will, but they are quite different.
|Requires probate through the court||No probate required|
|Probate records may be public||Trusts are private|
|No asset management if you’re |
|Assets managed, even if |
|No asset management for kids under 18||Assets managed for all ages|
|Costly and time-consuming to |
Some of the most common trusts include:
There are many advantages to creating a trust, and many things to consider before you do. We recommend consulting with a financial professional or lawyer before making a decision. This will help ensure all your circumstances and wishes are considered with your best interest is at the forefront of the process.