You’ve worked hard all your life. Now’s the time to protect your precious assets if you haven’t already taken the estate planning steps to ensure that they stay financially intact for the benefit of you and your progeny.
This week, we’re exploring a key asset protection to put your “trust” in! A trust can be a tremendously helpful tool for protecting the assets you’ve amassed. In addition, a trust may help decrease your tax burdens and minimize the risk of creditors taking your assets.
Now, let’s take a look at what is perhaps the most common type of trust used in estate planning—the revocable trust, and the three reasons why having one may make the most sense for you!
First, let’s define the term revocable trust. Yes, revocable meaning just what you think it does—this type of trust can be altered at any time.
Now on to three reasons to consider a revocable trust:
1) It’s a useful tool for avoiding probate. When you have a will, it goes through the probate process to carry out the wishes of the “testator.” Probate can be costly and time consuming whereas with a living trust, assets can be distributed to heirs practically immediately.
2) A revocable trust gives you the peace of mind in knowing that if you become incapacitated your trustee can step in to manage your affairs without skipping a beat.
3) The terms of a revocable trust are private whereas with a will the distribution of an estate’s assets become part of the public record.
Do you have questions about revocable living trusts, durable power of attorney, health care proxies and more? Most people do! Here at Southgate at Shrewsbury we bring in professionals whose mission is to educate our residents on how estate planning can work for them.
In fact, this month, we’re hosting Attorney Kristina Vickstrom of Vickstrom Law who is presenting an elder law & estate planning seminar for our residents. She’ll shed some great insight into the ways in which our residents can use trusts to their financial benefit and for peace of mind!
We bring those with professional know-how to Southgate at Shrewsbury on a regular basis to educate our residents on a variety of topics, such as managing their estate planning needs.
Knowledge is power! That’s why Southgate at Shrewsbury’s extensive calendar of monthly events are chock full of educationally focused program. Visit our website to view our full calendar of event offerings so you can see for yourself the types of thought-provoking seminars we offer to engage, educate and inspire our residents!