Trusts are not just for the very wealthy and can be a useful tool for your family under certain circumstances, such as:
– you have children under age 18 and want their financial needs to be met in a reasonable manner
– you have children who are young adults and you want them to receive their inheritance from you when you think that they will be able to handle the assets properly
– you have a surviving spouse you wish to support but you also want to ensure the remainder of your estate goes to your children from a prior marriage after your surviving spouse’s death
– you want to provide for a disabled relative but do not want him or her to lose any government assistance he may be receiving
Trusts allow you to put conditions on how and when your assets are distributed after your death.
Trusts allow your assets to be distributed to your heirs efficiently without the cost and delay of Probate Court.
Trust will allow your estate to be distributed without becoming public record as happens when a Will is probated.
Trusts can protect your assets from creditors and lawsuits.
You can name a successor trustee who can manage your assets if you become incapacitated.
There are many kinds of trusts that can be used with estate planning. They are flexible, varied and complex and each type has advantages and disadvantages. Your estate planning attorney should thoroughly explain the advantages and disadvantages before you make your decision about using a trust.