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Preparing for the unexpected

You can probably guess what happens when you get into an automobile accident without insurance. If you're at fault, you will have to pay out of pocket for damages, and this includes any damage to your own car and the other person's car. It is for this very reason that people carry insurance - as a way to prepare for the unexpected. But even if your car, your home, and your life are insured, there's no guarantee you won't suffer an accident, injury, or illness that takes your life before you're ready to go. And your young family could be left holding the bag for unpaid debts. What have you done to prepare for this potential outcome? If you have yet to set up a family trust to protect your young family's future, you haven't done all you can.

Protection in the event of your passing

When it comes to asset protection, there are few better ways to ensure that wealth is passed along to a spouse, a partner, and/or children than through a trust structure. A Last Will and Testament could also do the trick, but this legal document doesn't offer the same protections as, say, a family home trust. The difference is that a trust holds the property or the other valuables you want to leave to your beneficiaries until such a time as your death. You have use of these items for the duration of your life, but they are no longer in your name. This means that they are protected in the event of your death.

The sooner you do not own your assets the stronger your protection

A will has to go through the probate process, during which time debtors and other claimants can come forward to try and seize property and other assets listed within, regardless of your desire to pass them along to loved ones. The same is not true of a trust. Once you protect your family home and other assets by placing them in trust, they technically no longer belong to you and therefore cannot be claimed by anyone but the beneficiary (or beneficiaries) named.

You don't get the same level of protection if you have existing creditors 

The main benefit of doing this sooner rather than later is that you will protect your main asset. Whether you run a business and you want to shield your personal assets from business creditors, you have a family history of medical issues, or you're simply worried about the uncertainties of life, placing your home and other valuables in trust posthaste could offer you the peace of mind you're seeking. The sooner you create a suitable family trust, the sooner you can relax in the knowledge that your loved ones will be cared for in your absence.

So why not learn more and register with TrustUs today.

Its in your hands.