The Fundamentals of Trusts
How they can help you create a comprehensive estate plan
One of the most frequently utilized strategies in estate planning is the use of trusts. Once associated with high net worth individuals as a way to pass money to heirs or charitable organizations, trust are quickly becoming a popular tool for everyone. The main reason people create trusts is to have control over who receives their assets; additionally trusts can offer other advantages such as keeping your estate private, protecting your legacy, and avoiding probate.
Reasons to Consider a Trust
- Tax planning purposes
- Concerns of a spendthrift beneficiary
- To avoid probate
- To plan for an underage or special needs individual
- Charitable planning
- Simply for privacy
Three Ways to Create a Trust with an Attorney
1. Drafted Trust: Living trust
2. Sub-Trust: Springs from an existing trust
3. Testamentary Trust: Contained within a last will and testament
Get Started Today
Trusts are flexible, varied, and complex entities; each with its own advantages and disadvantages. However, having a basic understanding of the different types and how they work can be advantageous for you and your heirs. Regardless of your financial situation, setting up a trust is an excellent financial tool to ensure your estate is disseminated to the appropriate heirs.
Contact your Oppenheimer Financial Professional today to assist you in creating a comprehensive estate plan to help you feel more confident about the future and that your loved ones will be taken care of.
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