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Trusts are not just for the wealthy

On Behalf of | Oct 6, 2022 | Estate Planning |

Many people fall under the misconception that estate planning is the domain of wealthy individuals who own plentiful real estate and possess significant financial assets. This deters individuals from writing a will, let alone setting up a trust.

Establishing an estate plan is in the best interest of anyone, young or old, who has a family to consider. Trusts are particularly powerful estate planning tools, and you can use them to the fullest by understanding how they can benefit anyone from any financial background.

The purpose of trusts in estate planning

A trust is a form of legal agreement which states that you, as the grantor, will assign named assets to the care of a trustee who will then oversee the distribution of those assets to your chosen beneficiaries. Trusts work well in tandem with wills to give you a great deal of control over the fate of your estate. Choosing to set up a revocable trust ensures that you retain full ownership and control of your assets for the duration of your lifetime.

Why trusts are an important part of any estate plan

Even if you feel that you do not have enough assets to justify starting an estate plan, the fact remains that you can save your family a lot of trouble by setting up a trust. Certain assets placed into a trust may be exempt from the probate process. Distributing assets through a trust can also help protect the privacy of involved family members, as compared to the more public nature of a will.

Estate planning is ultimately a process that benefits your family more so than yourself. Setting up a trust can ensure that your children and other loved ones receive the support they need, and that is something that families from every background should prioritize.