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Should you add a trust to your estate plan?

On Behalf of | Jul 1, 2023 | Estate Planning |

As an adult, you understand how important it is to focus on planning for the future. You do not have to be wealthy or possess significant valuable assets to benefit from creating an estate plan. Even the creation of a will can provide you with certain benefits, such as financial protection and control over your assets. After establishing the basic elements of your plan, however, you may determine that it would be in your interests to add more protection, such as through a trust.

A trust is a legal arrangement that allows you to set aside and designate assets for a specific use. In some cases, this is more effective than simply passing assets directly through a will. If you have created a plan but have specific and important goals for your wealth both during and after your lifetime, you may consider the benefits of establishing a trust. Before you make any important decisions, however, you will benefit from seeking a complete understanding of the potential benefits and drawbacks of this decision.

How this could benefit you

A trust offers significant benefits, one of the primary ones being that it provides you with control over what happens to your assets in the future, often more control than you would have if you passed assets directly through a will. Additionally, assets held in a trust do not have to go through the probate process, which also allows you to maintain privacy regarding your property. Other reasons to consider establishing a trust include:

  • It can protect property from collection by creditors.
  • It offers certainty when there are multiple or complex beneficiaries.
  • You want to provide for minor children.
  • It offers protection against fraud or changes in beneficiaries.
  • You can provide for special needs loves ones without affecting eligibility for government benefits.
  • A trust allows you to pass assets outside of your estate.

You do not have to be wealthy to benefit from the protections provided by a trust. If you have specific goals for your estate, you may benefit from speaking with a knowledgeable professional regarding the legal options available to you. An assessment of your goals for your Pennsylvania estate and other details can provide you with insight regarding the most appropriate and effective additions to your estate plan.