7 Reasons to Consider a Trust for Your Family

Do you consider trusts to be instruments of the wealthy?  While it is true that many Americans of means have trusts to protect and pass their wealth, there are a number of reasons why trusts can also be useful for middle-class families.  Here are 7 of them:

1.  Control distribution of assets.  You wouldn’t hand over your car keys to a child who has had no proper preparation for driving, and chances are you would not want to hand over all your assets to a teenager either.  But if both parents die at the same time, the children would inherit all the assets upon their 18th birthdays.  A trust allows you to specify how and when you want your children to inherit.

2.  Protect assets from creditors.  Placing an inheritance in a trust ensures that those assets are protected from your heir’s  — or their spouse’s – creditors. Consider a Lifetime Asset Protection or Wealth Creation Trust.

3.  Protect inheritance from spendthrift heirs.  Not everyone is good with money.  If your heirs fall into that category, you can use a trust to ensure the assets are not frittered away due to spendthrift behavior.

4.  Protect inheritance for children of prior marriage.  You can use a trust to both provide for your current spouse and any children from a previous marriage.

5.  Provide for a special needs heir.  Leaving assets outright to an heir with special needs could disqualify them from receiving important government benefits.  Leaving those assets in trust bypasses this potential risk.

6.  Avoid probate.  Assets can pass to heirs without going through probate by using a trust, saving beneficiaries the time and expense of the probate process. Probate is an expensive, public and unnecessary court process you can keep your family from having to deal with.

7. Protect privacy.  Once a will is entered into probate, it becomes public; a trust is a private document that will protect your family’s privacy.

As a Personal Family Lawyer®, I can further advise you on all your options and make things as easy as possible for your family during a Family Wealth Planning Session.  If you would like to have a talk about estate planning for your family, call our office today to schedule a time for us to sit down and talk.

To your family’s health, wealth and happiness!

David Feakes

P.S.  Want to get started on the most important planning you’ll ever do for your family?  Give our office a call at (978) 263-6900 to get started.  You’ll be so glad you did.

David Feakes is the owner of The Parents Estate Planning Law Firm, PC – a law firm for families in the Acton, Massachusetts area.David helps parents protect the people they love the most.  If you would like to receive David’s exclusive, free report, “Six Major Mistakes To Avoid When Choosing An Estate Planning Attorney,”  you can get it right here.

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At The Parents Estate Planning Law Firm, we answer your questions at your convenience; we stay in frequent communication; and we meet to discuss changes in life circumstances and in the law to ensure that your assets are protected.

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