Know the objectives of using a trust

If you plan on creating a trust as part of your estate plan, it is good to know how this will impact you and your family, both now and in the future.

The objectives of a trust are the same for most people, however, you are in a unique position that requires a detailed strategy.

When you take the right approach today, you can be rest assured that the trust administration process will go smoothly in the future. And this is something you should want to do for your family.

Here are some of the many objectives of implementing a trust:

-- Avoiding probate. Through the use of a trust, you can keep some types of property out of probate. This helps save your family both time and money.

-- Privacy. Unlike a will, a trust is 100 percent private. This means that transactions related to the trust are not made public for everyone to review.

-- To have some control, even after you are gone. A trust allows you to place stipulations on how your money or assets are used. For example, you could leave money to a child, but stipulate that he or she can only access it at a certain age.

When you understand the benefits of a trust, it becomes easier to decide if this should be part of your estate plan. This is not the right choice for everybody, but it is something that works out in the favor of many. If nothing else, a trust should be considered when creating an estate plan.

Source: Dummies, "Benefits of Setting Up a Trust," accessed May 02, 2016

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