A Trust is a legal agreement that allows a responsible party called a trustee to control financial or property assets for the benefit of another person called a beneficiary. One of the many benefits of a Trust is that you can create numerous ways to protect and distribute your assets based on your personal financial goals. Through a properly drafted Trust you can benefit both yourself during your lifetime and your beneficiaries after you are gone.
Using a Trust can help you keep your property and money out of the probate process. A Trust can also manage assets for minor and disabled children, avoid expensive estate taxes, and make charitable gifts.
In short everyone should explore Trust options, but certain groups are in higher need of Trust planning.
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