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Would a trust be a beneficial addition to your estate plan?

On Behalf of | Nov 15, 2023 | Estate Planning

One of the primary goals associated with the creation of an estate plan is to provide for your loved ones and maintain control over your assets in the future. You worked hard to build wealth and expand your estate, and you deserve to have the final say over what happens to it both during and after your lifetime. One of the most important things you can do is ensure that your estate is complete, up-to-date and in cohesion with your current goals.

A careful review of your estate plan may reveal that you need additional protection. One way you can accomplish this is through a trust. This is an estate planning tool that allows you to set aside and protect assets for a specific use. With the right tools in place, such as a specific type of trust, you will be able to face the future with confidence, knowing your interests and those of your Missouri beneficiaries are secure.

The benefits of establishing a trust

You do not have to be wealthy or have an expansive estate to enjoy the benefits and protections provided by a trust. There are many different types of trusts that can help one accomplish a range of goals that can include everything from charitable giving to caring for a special-needs loved one. Some of the benefits of a trust include the following:

  • Assets held in a trust do not have to go through the probate process. By avoiding the probate process, you can keep important details about your trust out of public record.
  • There are some tax benefits associated with establishing a trust. The benefits depend on the type of trust you establish, such as a revocable trust or an irrevocable trust.
  • You can decide exactly how others will use the assets left in the trust, giving you a measure of control.
  • Depending on the type of trust you establish, you can have flexibility regarding what happens to your assets after you pass away and during your lifetime.

An assessment of your estate can help you understand if a trust would be a beneficial addition to your current estate plan. If so, you will benefit from taking quick action to establish the protections you need in order to face your future with confidence and peace of mind and know that the interests of your beneficiaries are secure.