What are the benefits of setting up a trust?
What are the benefits of setting up a trust?
A trust is a legal entity that holds assets for the benefit of one or more beneficiaries and can be used for a variety of situations, such as protecting the assets from creditors of the beneficiary.
Setting up a trust can help you preserve your assets and provide significant tax benefits, especially if you're concerned about dying without a will. Although trusts are fairly complex, they're designed to make your life easier after death, by helping family members avoid probate when they inherit your money—which actually makes them cheaper than drawing up a will in many cases.
The downside is that it takes time and money to set up a trust, so you need to consider whether it would be worth the effort.
While setting up a trust may sound complicated and like something only the rich can do, it's actually fairly easy and accessible for those who have accumulated a bit of wealth. Here are some of the benefits of establishing a trust:
- A trust is a legal entity that you can use to protect yourself, your belongings, and your loved ones.
- A trust protects people from certain types of lawsuits, as well as from creditors who might take action against them in court.
- If you establish a trust, you can use it to bequeath property to others after you pass away.
- You can also use it to appoint someone to manage the property for a person who's unable to manage it for themselves—this is useful for minors and the elderly.
- A trust can be used for a number of reasons, but it's mainly intended for those who want to protect their hard-earned assets from being seized by predators (like predatory spouses) or creditors (like credit card companies).
If you have any questions or in need a Trust Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
We help you with Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More
Parklin Law - Estate Planning
5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618-0699
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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
