Trusts are a great estate planning tool and can have some useful benefits. Here are a few reasons to consider setting one up, even if you already have a will. Greater control and more efficiency: Trusts give you more control over how your assets are distributed when you pass away because not only do you specify who your assets are transferred to, but you also get to specify how those assets are disbursed. Also, trusts avoid probate, which can be time-consuming, costly, and public. Trusts can help your assets transfer to your beneficiaries much more smoothly, and they allow you to keep the details private. Tax benefits and asset protection: Trusts can have considerable tax advantages, helping you minimize estate, gift, and income taxes. In some cases, they can also protect assets from creditors and lawsuits.  

They can help in the case of illness or disability: While a will only goes into effect upon your death, trusts can help if you are alive but unable to manage your assets. You can appoint a successor trustee to make distributions, pay bills, or file tax returns on your behalf. This way, your assets are protected even if you become incapacitated. 

You’ll want to talk with your estate planning attorney about whether setting up a trust makes sense for you, but the benefits above are a few reasons why we feel that’s probably adiscussion worth having. Faith Investor Services is here to help you. Reach out to us at faithinvestorservices.com/contact.