When getting involved in an estate plan, setting up a trust is an integral
part of the process when you want to leave any wealth to your children.
Essentially, a trust ensures that money is put to the side and made readily
available for the beneficiaries when they hit a certain age. This also
ensures that the money that you have set aside for your children doesn't
get wrongfully probated and distributed to people that you wish it not
to. Although there are many benefits of establishing a trust, here are
a few common ones.
Taxes are avoided. Serious? Yes, seriously. The most common tax-saving trust is known as
an irrevocable life insurance trust. For this, after you pass away, the
money that is gained from your life insurance policy is added back into
Avoid Probate at all costs. When you establish a trust, you can keep certain property away from probate,
which is always a good thing.
Protecting the estate and that of your beneficiary. If your beneficiary is for example a son or daughter who may be less than
cavalier with the money that you want to leave to them or they will not
spend it responsibly and you want to insure the longevity of the money,
your trust and pay out the money as you see fit.
Providing educational funds. Just like the above, trusts and parcel out money for your children's
college fund at certain times when they need it for tuition or living expenses.
The beautiful part about a trust is that you are the one who makes the
decisions on how your estate is divided after you die. All you need to
do now is to pick up your phone and contact a seasoned
Miami Trust attorney such as Susan E. Durre, today to set one up. Take charge of your future
estate and protect your legacy.