Many people have heard about trusts but are not clear on exactly what they are or how they can benefit someone. Let us help clear up some of the confusion.

A Flexible Legal Tool

A trust is a legal entity capable of addressing various personal and financial concerns. No matter your financial situation, it is worth evaluating if a trust can help you meet your financial goals or estate planning objectives.

Trusts are flexible arrangements offering many planning options that are tailored to fit your needs. A trust can be established to:

  • Manage assets and provide recordkeeping for financially inexperienced beneficiaries.
  • Provide management of your financial affairs if you become ill or incapacitated.
  • Protect the financial interests of your children from a previous marriage while providing financial support to your current spouse.
  • Secure funds to provide for special needs dependents.
  • Benefit a charity while still providing for loved ones.
  • Keep the affairs of a business private and help preserve it for family members.
  • Minimize exposure to estate taxes and/or probate expenses.

There are also several kinds of trusts that can be utilized depending on your unique needs and goals.

Naming a Trustee

The assets in a trust are managed according to your wishes by the trustee you choose. Before establishing a trust, consider a potential trustee’s ability to properly manage your affairs. You have the option of naming an institution as trustee or co-trustee to provide professional management services and an objective, seasoned perspective.

It’s important to explore your options when selecting and opening a trust, to ensure you’re getting everything out of your trust that you want, and our dedicated Wealth Consultants are here to help. Contact us today to start planning for your future.