Top 3 Reasons To Setup A Trust

We have all built our lives to the best of our abilities. We have raised families and acquired property. However, no matter how much we have and how much we do, we cannot take it with us when we pass on. Yes, this is something many do not want to think about, but it IS a part of life. If it is unavoidable, why aren’t you planning for it?

1) Wealth Inventory

Through the process of setting up a trust, you are required to list everything. Much like creating a budget, you have to take inventory of what you have in terms of assets and what possible agreements (debts) you have to honor. In the case of a trust, you are working through all of your possessions and property to be listed. When working through these, it is a great time to evaluate what all you currently have and how you would want to see it dealt if you were to leave this life.

2) Protecting Your Family

Creating your trust can provide a high level of protection for your family in your absence. A trust will allow your family to have clear representation for your estate in your passing. In most, if not all cases, your remaining estate would not need to go through probate (i.e. not going through the legal proceedings of the state). It can also provide your family protection from other members of your family. Sometimes there are instances of  rifts in families. When there is a large estate in question, there can be big disputes and lawsuits to attain part of it. Having a trust will again protect those assigned in it.

3) Providing Your Final Plans

Lastly, having a trust gives a clear plan for your last requests. There can be a great deal of struggle and chaos in loved one’s passing. With emotions high already, making quick decisions can be a common occurrence. A Trust will provide peace of mind in knowing what you wanted when you were no longer able to make the decisions yourself.

Take to time to plan for the future and beyond.