Wills
Trusts
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417 Trusts
Many people have preconceived notions about trusts and believe that they are only for multi-millionaires who wish to leave large trust funds to their children. However, this is far from the truth; trusts can be invaluable tools in the estate plans of millions of individuals.
Trusts are simply an arrangement where one party holds property on behalf of another party. In an estate planning context, trusts are created by the person doing the estate planning (the settlor), who authorizes another person (the trustee) to manage the assets for the benefit of a third party (the beneficiaries). There are many reasons for establishing trusts including tax minimization or providing for the needs of underage beneficiaries.
417 Wills
Most people know about wills and their basic purpose – to ensure that one’s hard earned assets go to the right beneficiaries when they pass away. However, wills can be used for a lot more than simply dictating who gets a person’s antique gun collection. Here’s a list of some of the very valuable things a will can do:
- List who gets what
- Name guardians for kids
- Establish trusts
- List funeral wishes
- Tax planning
- Name executors & trustees