What is the big deal about trusts anyways? Once I die, all of my money just gets left with my children so what's the big deal? The big deal is about ensuring and protecting your money above and beyond what you already know or at least think you know.
Setting up a Trust is one such thing that can assist in this. Alongside setting up a Trust to protect your estate, there are many benefits that make setting up a Trust that much more appealing.
A few of these benefits include:
- Avoiding probate. Let's face it – anyone who knows anything about probate knows that if you can avoid it at any cost, do so. Probate is not a fun process for your loved ones to have to go through and setting up a trust can protect your assets so they don't fall into probate.
- Avoid Taxes. Depending on the type of Trust that you set up, you can avoid the IRS and fees that you will have to pay in transferring your assets.
- Benefit a charity or educational organization. The way that a trust is set up allows the trust to be administered by a trustee. This trustee then can release the funds to the charities or organizations that you deem worthy as whatever point in time that you deem applicable. This is a great way to make sure that your money is going where you want it, when you want it to.
- Protect your estate. One of the ways that you can protect your estate is if you have a child to which your estate money will be going to and they are not yet of a responsible age, you can set up your trust so that they are given portions of the money over time as they get older, reach a certain age, or go off to college.
The possibilities can be endless in how you set up your Trust. To learn more about the trust that is right got your estate as well as the additional benefits from each trusts, contact your Sacramento estate planning attorney today at The Law Offices of Jack S. Johal. Let our family help yours.