The following is a partnership with Trust & Will.
Do I need a Trust?
Lately, I’ve been hearing that question and many other questions about having a Trust.
More people should probably have a Trust than you think, as there are many benefits.
According to Trust & Will, if you have at least $200,000 worth of assets, the best way to protect your family may be to create a Trust.
Creating a Trust is an area that you may not have thought about. After all, many do not take this step. But, this is changing lately. More and more people are starting to create Wills and Trusts, and for good reason.
Creating a Trust can protect your assets and help your family.
There are many reasons to have a Trust. Some reasons may include more control over distributing assets, such as if you have a family home, assisting dependents with disabilities for years and decades into the future, complex assets, reducing taxes, and more.
You can learn more about these reasons in Top 8 Reasons to Have a Trust.
I know that creating a Trust a hard thing to think about, especially if you are young, but having a Trust is something that will give you peace of mind.
In today’s article, I am answering questions such as:
- What is a Trust?
- What is the difference between a Will and a Trust?
- Who should have a Trust? Do I need a Trust?
- How much does it cost to create a Trust?
- How long does it take to create a Trust?
- What are the steps to creating a Trust?
Do I need a Trust? And answers to other questions about creating a Trust.
What is a Trust?
A Trust is an agreement that holds your assets for your beneficiaries.
The benefits of a Trust include having more privacy, protecting your assets, reducing or eliminating estate and gift taxes, having the ability to more responsibly distribute your assets, and more.
One of the top reasons that people create Trusts is so that their assets are handled exactly as they are hoping for, and for well after they have passed.
For example, a Trust can be used to set up financial resources for young children, care for dependents with disabilities, how to care for a family property that you’d like to remain in the family, and so on.
What is the difference between a Will and a Trust?
These are both terms that you may have heard of, but you may not realize that there is a difference between the two.
A Will and a Trust are a little similar in that they both state who Will receive your assets.
The main difference between a Will and a Trust is that a Will doesn’t go into effect until after you pass away, while a Trust starts as soon as it’s created. Also, Trusts can be private, whereas a Will Will be public.
So, the main difference is HOW and WHEN they take effect for your beneficiaries.
Who should have a Trust? Do I need a Trust?
A Trust is usually recommended for someone who:
- Owns a home
- Has over $200,000 in assets
- You want to keep your assets private
- You would like to create stipulations on the assets you give to your beneficiaries, such as for children after you pass
How much does it cost to create a Trust?
Trust & Will has plans that cost just $399 for a single person and $499 for a couple.
How long does it take to create a Trust?
It takes, on average, around 20 minutes to complete a Trust with Trust & Will.
What are the steps to creating a Trust?
With Trust & Will, to create a Trust you:
- Answer a couple of easy questions to decide what’s best for you
- Then, you Will download or choose to receive your documents by mail
- Sign and notarize your document to make them legally binding
- Fund your Trust. You will then transfer assets to fund your Trust. Trust & Will provides a guide to walk you through what you’ll need to do which you can read here.
What is Trust & Will?
Trust & Will is a company that has helped hundreds of thousands of people create Trusts and Wills. They have been featured on Forbes, The New York Times, USA Today, and more.
Trust & Will has plans starting at just $39, with Trusts starting at $399.
With Trust & Will, you receive:
- Unlimited access and updates to your documents – This is great because your loved ones Will always have access to your most up-to-date version of your Will or Trust.
- You can stay ahead of estate planning and tax law – Trust & Will has an expert team that tracks and monitors estate planning law and tax changes so that you are always up-to-date.
Trust & Will allows you to create, manage, and update your Trust easily.
Do you have a Trust? Why or why not?