Do you ever wonder if you need a Trust?

Working with papers

Deciding whether to open a trust is a question worth considering, especially if you want to ensure that your estate is handled according to your wishes after you pass away.

A will can provide clear instructions, but it doesn’t keep your estate out of probate court—a process that can be both time-consuming and costly.

In almost every state, if you own real estate and do not take proactive measures, your estate will likely go through probate, despite having a will.

When it comes to children, regardless of their age, you need to consider their capability to manage a sudden inheritance. It’s not only about who will raise minor children but also whether your adult offspring can responsibly handle a significant sum of money. Without guidance, inheriting assets can become a burden rather than a benefit.

The same thought process applies if you own a business. Who will step in to manage or possibly sell the business in your absence? Being able to quickly access business accounts to make deposits, pay bills, and manage assets is crucial to ensuring the continuity or proper closure of your estate.

Many people believe that naming a beneficiary for retirement accounts is sufficient to bypass probate. While this is true, it doesn’t address how a lump-sum inheritance might affect the beneficiary. Would a structured disbursement over time be more beneficial?

The situation is similar with life insurance. A considerable payout might be overwhelming for beneficiaries. Furthermore, if a spouse is a beneficiary and later remarries, have you considered the implications of your life insurance policy falling into a new marital estate? Are there specific stipulations you’d like to set in place?

A Revocable Living Trust addresses all these concerns—and more.

A Revocable Loiving Trust is a powerful tool that allows Americans to ‘write their own law’, essentially dictating the outcome and distribution of their assets posthumously in the way they deem best for their loved ones. Unlike a will on its own, a trust typically keeps the estate out of the probate court, saving your family the expense and delay that comes with it. In the absence of an estate plan, state laws will determine the fate of your assets, likely not in the way you intended.

Each year, millions of Americans pass away without an estate plan, unwittingly thrusting their loved ones into the hands of probate courts.

A Revocable Living Trust offers a better way.

It allows for personalized, legally-binding arrangements for your assets, providing peace of mind that your wishes will be honored.

If you are among the countless people who have delayed estate planning, now is the time to act. Begin by consulting with a certified tax advisor who can help you craft a comprehensive plan. They can also connect you with an attorney to draft your trust, ensuring your affairs are in order for when the time comes.

Don’t wait until it’s too late; take steps today to protect your legacy and your loved ones.

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