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Choosing a trust could protect your estate

A trust is an interesting fiduciary arrangement that places your assets into the hands of a third party who is entrusted with their safety. The trustee holds those assets to later distribute them based on your wishes as stated in your will or estate plan.

There are many reasons to have trusts, with one of the main being that some can help reduce your estate's value. This could prevent you from paying estate taxes or could reduce the taxes you owe.

What are the benefits of trusts?

There are a few good reasons to have trusts including:

  • Having better control over your money and wealth
  • Privacy
  • Probate savings
  • Protecting your assets after death

For example, a good trust can help you protect your assets from creditors when you pass away. In the right kind of trust, you can also dictate the terms of distributions so beneficiaries don't mismanage the funds.

There are many kinds of trusts, and the trusts you choose to use will vary based on your situation. For the best tax protections, for instance, you may want to have an irrevocable trust that takes your assets out of your name. If you still want to control your assets throughout your lifetime and want to control when the trust is open or closed, then a revocable trust might be the right option for you.

There are several important kinds of trusts, all of which you may want to speak with your attorney about. Getting the right trusts in place can help you protect your estate, even as you age or pass away.

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