5 Reasons You Need a Trust
We used to hear the word “trust” and think it was only a tool for the rich. The reality is, Trusts are for everyone and often more cost effective than traditional wills. Why?
- Trusts Avoid Probate.
Most people create their Will believing they have given their families a way to avoid the court system upon their death. Unfortunately, that is one of the most common misconceptions about estate planning. In order to administer a Will, your family HAS to go through the probate courts. However, a Trust can avoid probate and the court system all together. Often saving time, chaos, and money.
- Trusts Save Money.
When your assets are in a Trust, administration is often more cost effective than going through the court probate system. There is less chaos and disputes among beneficiaries can be resolved quicker and more harmoniously. Not to mention, you avoid all the unnecessary forms and court filings.
- Trusts Are Low Maintenance.
Once you establish your Trust, there is little to no annual maintenance. Trusts can be designed to be very flexible documents that allow for change. Your assets will change. Your family may grow. You may decide to purchase that lake cabin. The right type of Trust will grow with you and your family.
- Trusts Give You MORE Control.
You still can have full control over all of your assets. You can buy, sell, trade, mortgage, anything you can do prior to getting a Trust, you can do after getting a Trust. Plus, a Trust actually gives you MORE control. You get to decide who makes your financial decisions if you cannot and you can set the perimeters for those decisions. You don’t have to wait for a Court to decide for you. You know what is best for you and your loved ones.
- Trusts Can Protect Your Loved Ones.
Have you ever heard of a new spouse inheriting all of the assets and the kids getting accidentally disinherited? What about a child losing their entire inheritance in a divorce? The widow who loses his or her financial security because of a bad car accident? The nursing home taking all of the assets? We’ve all heard the stories. Trusts are the best vehicle to help protect your assets and provide financial security to your spouse and your loved ones. No matter if you have $100 or $100 million, you want to be sure your money benefits your loved ones—not someone else’s.
Putting together a Trust is easier than you may think. There a many different types of Trusts so you need to be sure to meet with a qualified estate planning attorney to discuss your goals and get the right Trust put into place for you. Trusts are for Everyone. Let’s discuss why they are for you. Call us today at 605-777-1772 and take the first step by scheduling your no-cost initial meeting with our team.