Family trusts do not need to be complex

There are three main questions most people have when it comes to family trusts. Why should I purchase a family trust, how much does it cost, and how do I go about setting it up? Traditionally, family trusts have been limited to wealthy families looking to protect their estates and pass on inheritance without the fear of taxation, post-death claims on assets, and so on. But family trusts don't have to be expensive or complicated. When you understand how they work and the benefits they provide you and your loved ones, you'll see that a family trust is right for you. Here are just a few things everyone should know about family trusts.

Provide protection during your lifetime

The "why" of obtaining a family trust is fairly easy to determine. Although most people will have their own particular reasons for choosing a family trust over other types of asset protection, there are certain benefits that will interest everyone. For example, trusts aren't subject to the same drawbacks as other end-of-life plans. A last will and trust, for example, must go through the probate process before beneficiaries can receive their inheritance. A trust, on the other hand, will transfer your assets dependent on your specifications (at the time of your death, for example). In addition, assets held in trust are no longer considered the property of previous owners. So debt collectors cannot target them as a form of payment, ensuring they are kept safe for your family.

No longer expensive and time consuming

In addition, some family trusts are much easier and potentially less expensive to set up than, say, a last will and testament. If you want to create a family home trust to ensure the safety of your family's primary residence, you can do so online in as little as about 15 minutes for a fraction of the cost you might once have paid to a specialist or a firm. In other words, many types of family trusts are simple to execute and could cost you very little.

Do your homework

Whether you elect to visit a specialist or use a reputable online organization staffed by experienced professionals, however, it pays to do some research, comparison shop, and make an informed decision. You don't want to get talked into paying for ongoing services you don't need, and the best way to ensure that you get the family trust you need at a price you can afford is to exercise due diligence and understand what you're signing up for.

So why not learn more and register with TrustUs today.

After all, it's in your hands.