Strategically Plan With a Trust
When you want to improve your plans for life as well as your plans upon your passing, using a trust offers a great amount of flexibility. This planning takes special care and depends on the types of goals you have.
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Manage Property
Manage Property During Your Life
A trust allows you to set up helpers, called "Trustees" during your life who will manage your property according to your instructions set in the trust agreement. The beauty of a trust is that you create the who, what, when and how so that your assets are handled by the people you choose according to your well-thought-out directions. It can make a huge difference for yourself and your loved ones.
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Bypass Probate
Bypass The Probate Process
Probate is often referred to, in a general sense, as the lengthy process that all your property you own at death, passes through. During this process, the court will determine the validity of your Will and appoint a fiduciary, called an executor.
Adding a trust to your plans during your lifetime allows for various benefits depending on the type of trust you set-up and the various provisions in the trust. One of those benefits is that assets in the trust, bypass probate. Unlike a Will, a trust is a private document, which allows a trustee to handle affairs in a private manner with a completely different path forward known for greater efficiency and control. This can also mean creditors are not involved, unlike through the probate process.
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Benefit Eligibility
Maximize or Keep Eligibility of Benefits
A trust can be set up well advance of potential needs you may have later in life. This kind of proactive planning means you transfer ownership of assets to a special kind of trust. This can be helpful with Medicaid planning where assets are not counted against you if you were to seek certain long-term care which can deplete your assets. This planning is meant to protect against this.
A trust can also be set up for your loved ones so as to protect benefits they may be receiving. Your loved ones may no longer qualify for certain benefits if they were to receive outright funds from your estate.
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Business Succession
Succession Planning
If you own a business or business interests, a trust set up during life allows you to appoint a trustee who can immediately take over without any interruption either during your life when needed or upon your passing.
A trust will keep your business or business interests (as well as other assets in the trust) out of the probate process which can be quite beneficial as there is no gap in control and affairs are kept private.
As well, during life, the ability of your hand-picked trustee to manage your business interests in a time of need, such as a short-term illness or longer-term incapacity, is crucial. This allows the business to continue without interruption with the right individual managing the business during such periods.
Manage Property During Your Life
A trust allows you to set up helpers, called "Trustees" during your life who will manage your property according to your instructions set in the trust agreement. The beauty of a trust is that you create the who, what, when and how so that your assets are handled by the people you choose according to your well-thought-out directions. It can make a huge difference for yourself and your loved ones.
Bypass The Probate Process
Probate is often referred to, in a general sense, as the lengthy process that all your property you own at death, passes through. During this process, the court will determine the validity of your Will and appoint a fiduciary, called an executor.
Adding a trust to your plans during your lifetime allows for various benefits depending on the type of trust you set-up and the various provisions in the trust. One of those benefits is that assets in the trust, bypass probate. Unlike a Will, a trust is a private document, which allows a trustee to handle affairs in a private manner with a completely different path forward known for greater efficiency and control. This can also mean creditors are not involved, unlike through the probate process.
Maximize or Keep Eligibility of Benefits
A trust can be set up well advance of potential needs you may have later in life. This kind of proactive planning means you transfer ownership of assets to a special kind of trust. This can be helpful with Medicaid planning where assets are not counted against you if you were to seek certain long-term care which can deplete your assets. This planning is meant to protect against this.
A trust can also be set up for your loved ones so as to protect benefits they may be receiving. Your loved ones may no longer qualify for certain benefits if they were to receive outright funds from your estate.
Succession Planning
If you own a business or business interests, a trust set up during life allows you to appoint a trustee who can immediately take over without any interruption either during your life when needed or upon your passing.
A trust will keep your business or business interests (as well as other assets in the trust) out of the probate process which can be quite beneficial as there is no gap in control and affairs are kept private.
As well, during life, the ability of your hand-picked trustee to manage your business interests in a time of need, such as a short-term illness or longer-term incapacity, is crucial. This allows the business to continue without interruption with the right individual managing the business during such periods.
Trusts offer many other benefits as well depending on your situation. To explore these keep scrolling to book a discovery call or checkout our Resources page.
