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A Trust is Practically Magic: 5 amazing things you didn’t know it can do

A Trust is practically magic; it can: avoid probate; protect you during incapacity; protect assets for beneficiaries; care for minor family members; leave family legacy.

First, a Trust does not require probate.

A Trust is a private, estate planning contract. As a result, you and your Trustee will be able to administer assets without court supervision.

In addition, your Trust can provide for you and your care if you should lose the ability to care for yourself.

In the event you become less able to care for yourself, your Trustee and trust assets can be there to care for you. Your Trust can provide for you for the rest of your life.

Also, Trust distributions can be protected from creditors of your beneficiaries.

With a spendthrift provision, distributions to your beneficiaries can be protected. Your family, with that provision, cannot be garnished or lose trust assets to forcible seizure by creditors.

Again, you can set up a portion of your Trust to care for minor children.

So, your Trust can provide for them under conditions until they reach an age where they can handle assets themselves. Within your Trust, I often write a children’s trust for the benefit of anyone who may not be yet of the age of majority, or sometimes a little older. So, that is up to you.

Finally, your Trust can provide for a family legacy by providing for education.

This means, your Trust can make a down-payment on a first home, marriage gifts, and about anything you can imagine. You can plan and have your Trust make distributions long after you are gone. As you know, this is unlike a Will, which makes lump sum distributions right after completion of the probate process. As I said, a Trust is practically magic.

I hope this helps you.