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Trusts: Not Just for the Rich and Famous

9 Reasons You Should Consider Having One

Some people think trusts are only for the wealthy and famous, but that’s just a myth. Having a trust can be a smart move for everyone. It can provide peace of mind and ensure that your hard-earned assets are managed, protected, and distributed exactly as you desire.

Here are nine reasons why you might consider establishing one:

  1. Avoiding Probate
    Probate can be a hassle – it’s the legal process of distributing assets after someone passes away. Trusts allow your beneficiaries to skip probate, saving time, money, and avoiding public scrutiny.
  2. Privacy
    Trusts offer more privacy than wills. Wills become public records during probate, but trusts remain confidential, keeping your financial matters private.
  3. Control Over Distribution
    With a trust, you can control how and when your assets are distributed. For instance, you can specify that funds be distributed in installments or upon reaching certain milestones, ensuring your beneficiaries don’t squander their inheritance.
  4. Protection of Assets
    Trusts can shield your assets from creditors, lawsuits, and divorces, offering an extra layer of protection.
  5. Providing for Incapacity
    A living trust can be a valuable tool for incapacity planning. If you can’t manage your affairs, a successor trustee you choose can step in and handle things for you.
  6. Special Needs Planning
    A trust can be designed to ensure your loved one with special needs receives financial support without disqualifying them from government assistance programs.
  7. Estate Tax Planning
    Trusts can help minimize estate taxes, leaving more of your wealth to your heirs.
  8. Blended Family Considerations
    If you have a blended family, a trust can help ensure that both your current spouse and children from previous relationships are provided for according to your wishes.
  9. Philanthropic Goals
    A trust allows you to support causes and organizations you care about, creating a lasting legacy.

Trusts come in various forms and complexities, so it’s crucial to work with an experienced estate planning attorney and financial advisor to create one that suits your specific needs. Estate planning is just one of many benefits ReJoyce Financial clients receive once they become part of the family. Take the first step and schedule a no-cost, no-obligation visit today by calling (317) 903-9157 or filling out the form below. Let us help you secure your future and protect your legacy.

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