Do I Need a Trust?

Though a trust is not a necessity in an estate plan, it can be a very useful tool. Below are just a few examples of why including a trust in your estate plan might be beneficial to you.

• If you are a parent to minor children - If there is only a last will and testament naming your children as beneficiaries of your estate in place when you pass, your children will receive their inheritance once they turn 18. Though 18 is legally considered the age of adulthood, often parents may feel it is too young to inherit a large sum of money. Trusts allow you as a parent to have more control over when they can receive the assets, what the assets should be used for, and how they receive the assets.
• If you are a private person or have family conflict - If you distribute your assets via will your estate will enter into probate upon your passing which is a public proceeding. This means that any of your heirs, whether they have been named as a beneficiary to your estate or not, will be entitled to a copy of your will. If you distribute your assets in a trust, that is a much more private proceeding and can protect your distributions from those who you may not want to see your assets.
• If you are wealthy - If you have a great amount of wealth and there may be some taxable consequences to your estate, trusts have some provisions and mechanisms that allow for tax planning.

These are just a few reasons why you may want to include a trust in your estate plan. For more information, contact Suzanne Fanning to schedule a consultation to discuss what is best for you and your legacy.