Trusts are legal, financial arrangements made wherein one party, the trustee, holds an asset for another party, the beneficiary. The exact details of any legal trust arrangement can be quite complex; therefore, a qualified lawyer with experience in the field of legal trusts is recommended in all cases. Legal trusts can offer a number of benefits, just a few of which are mentioned below.
- Taxes – If a trust is used in connection to estate planning, assets from one person can be passed on to another in a way legally distinguishable from simple inheritance. Arranged correctly, for example, through an irrevocable trust, this method can result in fewer taxes due, creating savings for those on the receiving end.
- Smart Management of Assets – In a number of situations, it may prove beneficial to you and others to transfer the ownership of some assets to another person for some time. Revocable trusts do just that, giving you the ability to manage and control your wealth to a greater degree. The process involving revocable trusts is a complex one, however, requiring the help of a licensed and experienced legal professional.
- Protection of Your Estate – Using a trust, it is possible to decide exactly how any money you leave behind to loved ones is distributed. This not only includes who receives the money, but how much they receive and even how they receive it. Trusts make it possible to give those inheriting your estate a certain amount of money per time period for a certain length of time, after which the payments increase or the rest of the money is given as one lump sum.
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