Why You Should Definitely Have A Trust

If you own property, have monetary assets, and have a family, you should have a Trust. YES, you should. Do we? Ugh, hate to admit it, but we still haven't put ours in order. Next on the To-Do list!

My mums passed away last year, she was so organized. Everything was in her Trust. Bank accounts, house, everything. She had given my siblings and I copies of the Trust well before she passed. It was from 20+ years prior. But, she kept it current.

When she passed, it was very simple how things were to be divided. My Big Bro was the executer. Due to the Trust, there was not a single dispute as to how things were to be handled. AND, the taxes for us were completely different from what they would have been if not in a Trust.

The Brief Benefits of Having a Trust:

* Protecting and preserving your assets.

* Customizing and controlling how your wealth is distributed.

* Minimizing federal or state taxes.

* Addressing family dynamics; for example, divorce or blended families.

* Helping a parent or other relative manage their financial affairs.

As a 20+ year Realtor, I've had my fair share of selling properties with and without a Trust in place after the owner passes. Take my word for it, a WILL does not suffice. And, without a Trust, there will be Probate involved, and more taxes to the beneficiaries. 

Family, Money, Death..... there are high emotions and, unfortunately, there can be lots of different opinions. Families can fall apart after a death. But, if you have a Trust in place, it will go a lot smoother. And, yes, I'm saying it again, a lot less costly. 

If you care about your family after death, put your home and assets in a Trust....Now.