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Making use of trusts in your estate plans

On Behalf of | May 24, 2022 | Estate Planning |

A will is the most widespread way of passing over an estate to beneficiaries. While it’s still a useful part of planning for the future of your estate, you need to be aware of the other options at your disposal.

Trusts are one of the lesser-known estate planning tools. Many assume it is a complicated affair and only for the rich with huge estates. However, it can help you achieve some of your estate planning goals.

What are the benefits of trusts?

There are several perks to using trusts when passing your estate to loved ones instead of having a will alone. Besides saving money on inheritance taxes and other court fees, you might be able to protect your beneficiaries’ interests better through a trust. For instance, you can avoid the long, tedious and expensive probate process with trusts. Your beneficiaries will not have to wait for months before accessing their share of the estate.

In addition, if you have a child with special needs and you need to secure their future, you can use a trust to ensure they still qualify for social benefits. It may not be possible with a will. You can also protect the family wealth from beneficiary creditors when you are gone and make long-term plans for future generations with a trust.

Reevaluating your estate plans

A trust can be a perfect fit for your estate plans. Remember, you do not have to put all your assets in the trust. You can have a portion of it in the trust and complement it with a will.

Learning more about trusts can help you make the right choice and decide whether a trust will work for you. It can be helpful when passing down your estate to the people that matter to you.