A great way to manage wealth is by setting up a trust. If you also want to set up a trust in order to manage your estate, it can be beneficial because it will help you avoid the cost of probate in the future. Trusts can also protect your assets and give you peace of mind that your future affairs will be taken care of.
The benefits of setting up a trust
One great thing about setting up a trust is that it helps you to protect your assets from many types of fees. This includes probate fees and any potential lawsuits that you may face in the future. Setting up a trust account can mean that you can avoid probate fees that have the potential to reach up to 8 percent of your estate value.
It also grants you with an unprecedented amount of flexibility. This is because you can set the terms of how you want your beneficiaries to receive their funds.
Setting up a trust also gives you a very good strategy for investment during your lifetime. You can see it is a great investment that can provide good returns.
Setting up your trust
If you wish to set up a trust, you should conduct adequate research into how it will affect your specific situation. You should have in mind the heirs whom you would like to benefit from your estate as well as specify a power of attorney. Make sure that you understand all of the consequences of setting up a trust before you take action.
Source: Investopedia, “5 Benefits of Creating a Trust to Manage Wealth,” Kevin Simpson, accessed Dec. 15, 2017