Many times we hear the rich talk about using a trust or getting money from their trust fund, but these family trusts can be assessable to anyone who wishes to protect their family and are excellent for planning your estate and keeping your hard-earned money for your family.
A well-planned trust allows you the comfort of knowing your estate will be executed promptly and correctly based on your wishes. Most importantly, a trust helps avoid probate which exposes your assets to unnecessary taxes and takes months to execute.
Also, a trust can prevent your home from being sold to pay for creditors and taxes. You can also specify who gets what; this is especially important if you have children from a previous relationship and want to protect their inheritance.
The best part is the protection you have against costly inheritance taxes which could easily eat up money you’ve worked all your life for. Don’t worry – it’s not a way to cheat the government.
In fact, setting up a family trust fund is highly recommended by tax officials and a smart way to ensure your assets are properly distributed.
Do you need one? For most people with families and assets such as a home or financial portfolio – YES!
It does cost a bit more than a will, but the advantages are totally stacked in your favour. And the best time to set it up is now.
Visit a few estate planners or estate attorneys and find the person with whom you feel most comfortable. Bring your records and plan time to lay everything out. The estate planner will gather all the information and organise a family trust that meets your needs.
Finally, you may want to select the estate planner as your trustee who will distribute your estate or you may want to appoint someone who is close to you. Either way, make sure they understand the responsibilities and are willing to put forth the effort to see your trust through.
Mostly importantly, avoid procrastinating. Make the call and set a date to protect your family long after you’ve gone.
Attention! We are not attorneys and we are not lawyers. We cannot represent customers, select legal forms, or give advice on rights or laws. The article provided is for information ONLY and is NOT a substitute for the advice of a lawyer.