Planning your future
Why does any form of asset protection or end-of-life planning matter? If you are a responsible adult, you know that you have to plan for the future. Most of us take great pains to contribute to retirement accounts that will support us in our twilight years. Many have the presence of mind to arrange for a life insurance policy that will ensure loved ones have the money needed to pay for a funeral. At the very least, and potentially continue living comfortably for several years in the absence of your income.
What are the next steps?
So why wouldn't you take the next step and look into family trusts as a means of protecting assets during your lifetime and passing them along to intended beneficiaries after your death? A death in the family will leave loved ones understandably distraught. What might be even worse at such a time is realizing that the person who is gone left no provisions for allocation of assets.
Take the pain away by anticipating needs in advance
In essence, you could be leaving it up to your family members to decide how to split up all of your wealth, assets, and worldly possessions. Take a moment to play out that scenario in your head. Is it possible that a domineering family member could strong-arm others into giving up their inheritance, or that a manipulative person could swoop in and take advantage of others while they're grieving? You won't care when you're gone, but your loved ones will suffer in your absence due to bad planning on your part.
Isn't a will all I need?
Even a last will and testament is not ironclad. A will must go through the probate process. This means that your beneficiaries will have a waiting period before they can claim what you have left them. In addition, probate is a public proceeding, which means that creditors could place claims on the assets you've left to family members. Family trusts are a great way to stave off all of these unfortunate situations.
Why family trusts matter more today than ever before
When you set up a family home trust, you'll ensure that your home goes to your children instead of an ex-spouse that might try to lay claim to it, or that it goes to your current spouse instead of getting claimed to pay business debts. If you fail to take appropriate precautions, your loved ones may suffer as a result.
As a responsible adult, the onus is on you to take the steps necessary to protect your assets during your lifetime so that your family is well cared for when you are gone.
So why not learn more and register with TrustUs today.
After all, it's in your hands.
