What are the benefits of setting up a trust?
What are the benefits of setting up a trust? Assistant at Law Assistant at Parklin Law 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...