Family Trusts and Wills are different

There are several ways to go about protecting your assets to ensure they go to your intended beneficiaries. You could, for example, give valuables or sign over deeds to children or other loved ones during your lifetime. You can also create a last will and testament as a way to make your wishes clear following your death. A third, and potentially preferable option is to set up a family trust as a means of asset protection and wealth disbursement. The only problem is that few people understand how trusts are different from wills, the benefits they entail, the associated costs, or how to set them up.

Many resources are available to meet your needs and your budget

When it comes to understanding family trusts, there are a few things you should know. First, there are not only many resources that can help you to learn more about trust structures, but there are plenty of professionals that can inform and advise you as to what type of trust might best meet your needs and your budget.

Making informed decisions

Like any consumer purchase, the onus is on you to make sure you have the knowledge to make an informed decision. Otherwise you could get talked into services you don't need or a price tag you can't really afford.

Different types of Family Trusts to meet different needs

The second thing to understand is that there are many different types of family trusts. In essence, they are designed to protect your valuables on behalf of future recipients (beneficiaries) until such time as they are passed along (at your death or another time specified in the trust). You can place property like a primary residence into a family home trust, for example. Trusts can also be used to protect a wide range of other assets, from heirloom jewelry, furniture, and art to stocks, bonds, and even the rights to trust benefits you receive from a different trust.

Using Family Trusts for estate planning needs

Finally, it's a good idea to understand the differences between trusts and other types of estate planning, such as wills. A last will and testament can be a valuable tool when it comes to end-of-life planning, especially where items of little value are concerned as these are generally not placed in a trust. However, items designated to beneficiaries in a will must go through the probate process, which can be protracted.

Using Family Trusts to avoid issues with probate

When you use a trust structure, the trust is designed to pass along assets to beneficiaries at the designated time, avoiding probate. So your loved ones will have access to their inheritance immediately, ensuring they are well cared for in your absence. 

So why not learn more and register with TrustUs today.

After all, it's in your hands.