Webinar Available for On-Demand Viewing
Value of Trusts
Presented by Feldman, Kramer & Monaco, P.C., provider of the Voluntary Legal Service Plan benefit
Presenter: Steve Kramer
Why have a Trust? What is the Value?
As unfortunate as it may be, it is a well-documented fact that most people do not participate in estate planning. Of those that do, the majority use a Last Will and Testament to pass their estate to a spouse or divide it among their children. They do not typically establish a trust.
If you plan to share your estate with multiple people, a trust would be beneficial. A trust is an agreement between two parties: you and a trustee. In estate planning, the trustee agrees to accept, manage, and protect your assets; administer those assets according to the trust’s instructions; and distribute the trust income and principal as the trust allows—only for the benefit of the people identified in the trust. Trusts can help you manage your property and assets, make sure they are distributed after your death according to your wishes, and save your family money, time and paperwork.
There are many reasons to set up a trust, including:
- avoiding probate
- providing for your family after your death,
- stating exactly how, and when, your descendants receive their inheritance
- greater protection than a will against legal action from anyone who is unhappy with the distribution of assets and decides to challenge it
- flexibility in how assets are distributed
- donating to charitable organizations
- as a way to avoid or reduce estate taxes because assets and property placed into a trust are not subject to these taxes
- helping to determine how difficult-to-divide assets should be split up
- helping you manage your affairs if you become unable to do so
This webinar discusses how trusts operate and why it’s such a useful estate planning tool. There are many types of trusts to consider, each designed to help achieve a specific goal. This webinar can help you determine which type (or types) of trusts may be appropriate for you.View now ⇒