Most people think that creating a trust is only for the wealthy. This could not be further from the truth. While setting up a trust may not be an ideal solution for everyone, it’s a highly valuable tool in estate planning.
A trust can circumvent the probate process, distribute assets to children and minor, and legally control the assets even after you’ve passed away. In certain scenarios, a trust can lower the estate taxes. Creating a trust can also protect your assets from liabilities, lawsuits, and personal creditors.
Many people think that having an estate plan is just for the rich – this could not be further from the truth. A majority of us have at least one of these three substantial assets: a car, a home, or money in a bank account. And many people can benefit from working with a trusted attorney for wills and trusts to establish an estate plan.
An estate plan can help maximize the value of your assets; these assets are what you will pass on to your beneficiaries and heirs when the inevitable comes. Aside from this, an estate plan also allows you to make informed decisions and better understand the process while you are still alive.
In today’s post, let’s talk about the common pitfalls to avoid when it comes to creating an estate plan.