A trust lets you control the distribution of your assets when you pass on. It's important to ensure your wishes are met, even in death. A comprehensive estate plan may include a will and a variety of trusts. Trusts provide greater privacy and added control over how you distribute money upon your death. An Irrevocable Trust has more immediate benefits. By relinquishing ownership of certain assets, you protect them from lawsuit verdicts and legal judgments, and also remove them from the estate tax equation.
- Transfers all ownership of property and assets to the trust for specified beneficiaries.
- Cannot be revoked, modified, or altered once it is established.
- Provides for minor children, other family members or charitable groups.
- Reduces estate taxes, especially for individuals with large estates.
- Offers protection from lawsuits and legal judgment.
- Choose trustees to manage distribution of assets.
- Helps families and other beneficiaries avoid probate court proceedings.
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