The many benefits of establishing a trust

Whether you are nervous that one of your heirs may just squander the money you leave him or her, you have a family member with a disability that you worry about caring for after you're gone or you own lots of life insurance, you may benefit from establishing a trust. When you are putting your affairs in order in the case of your untimely death, there are serious things to consider. There are many different types of trusts, and finding the right one for you may be a tricky process. The benefits of a trust are also plentiful.

Protecting your assets

You've worked hard your entire life to amass your wealth and assets, but if your heirs lack the ability to manage the money th ey are given, it can be set up through a trust in order to better manage their assets. You are able to manage and protect your assets while you are alive, and a trust gives you that same protection after your death.

Distribution control

Emotions run high and tension mounts when the assets of a deceased individual are discussed. If you don't trust your heirs to divide your assets and property the way you would want, a trust ensures that they follow your rules.

Privacy

A will is likely to be probated after a death, meaning it becomes public. This also gives information to the public about your assets and your total worth that you may not want them to have. With a trust, the information stays private and confidential and you can often avoid the probate process.

Continuing charity

If you have a specific charity you are passionate about or want to make sure that your money continues to be given to those in need, you can set up charity donations to a specific organization through your trust. Many times, family members cannot be trusted to put your money where you would like, so a trust is a legal agreement that is designed to help causes you were passionate about.

Special needs support

You may have a family member or heir with special needs or a disability that requires care even after you are gone. A trust ensures that he or she has sufficient income for the care and support he or she needs to continue on.

A trust is an ideal way to protect and manage your assets and to ensure that your wealth gets distributed how you intended through a legally binding document. Contact an attorney who can help you structure a trust around your specific needs.

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