Why Trusts Are Important

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When planning ahead it’s very important to think about what you want to accomplish. What are your goals – for yourself and your family? Once you choose your goals then you can see what tools will best accomplish those goals.

A trust can often be the best tool to carry out goals such as:

  • Avoiding the delay and expense of probate court.
  • Transferring assets privately after death. (As opposed to a will, which is a public document.)
  • Protecting assets from a divorce or lawsuit.
  • Giving clear instructions for managing your money during your disability.
  • Organizing assets so someone else can help manage them.
  • Protecting assets from being used for nursing home costs.
  • Leaving money to someone who is too young or too unwise to handle it by himself or herself.
  • Avoiding estate taxes.
  • Preventing family fights regarding a family farm or business.
  • Balancing the wife and kids in a second marriage.

If your life’s circumstances fall under any of the statements above, you should consider drafting a trust.

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