A trust is a powerful estate planning tool that can be beneficial to most individuals, even to those with modest assets. It is a legal entity that holds designated property (generally any property of value like stocks, bonds and life insurance policies) for the benefit of you or someone else. It is created in a legal document that names a trustee (one or more individuals or institutions) to manage the property according to your instructions.
Trusts serve many estate planning purposes, including ensuring your property is confidentially transferred according to your wishes (a probated will is a matter of public record), giving you more control over how your assets are used by your heirs, managing your affairs in the event you are disabled, reducing or eliminating probate time and/or expense and even reducing or eliminating taxes.
To learn more about whether a trust is right for you, the different types of trusts, including Bypass Trust, Charitable Trust, Credit Shelter Trust, Intervivos Trust, Irrevocable Trust, Life Insurance Trust, Living Trust, QTIP Trust, Revocable Trust, Testamentary Trust, and Totten Trust, selecting a trustee and how a trust can save you and your family money, please have our Network contact you.