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Benefits of Trusts

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Benefits of Trusts

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.

  1. 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 your estate!
  2. Avoid Probate at all costs. When you establish a trust, you can keep certain property away from probate, which is always a good thing.
  3. 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.
  4. 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.

Categories: Wills and Trusts

Frequently Asked Questions

Do wills have limitations? Yes, wills do have limitations. This is why it is important to create an entire estate plan, and keep every document up-to-date. Things such as financial accounts and insurance policies have more power than a will. If your ex-spouse is named to receive your assets in a financial account or insurance policy after you die, they will receive said money, despite what your will states.
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