It can take a lifetime to build an estate that is robust enough to support you and your loved ones. Unfortunately, passing away without a comprehensive estate plan can decimate your assets in a surprisingly short period of time. Between costly legal expenses like probate, excessive taxes on your estate and mismanagement, some or all…
The most basic way to understand a trust is the analogy of a “box”, A trust is a legal document that builds a “box” which can hold certain of your things (i.e. assets) such as home(s), cars, money.
The “box” is then watched over by someone you appoint in the document, i.e. Trustee. The trustee watches over whatever things that are in the box for the benefit of others.
Trusts can be confusing, but they can be an important part of your estate plan.