Did your estate planning attorney ask you these three things before they signed you up? Why? Who? What? If not, your estate plan may not be the right plan for your kids. For your family. Wills and trusts work for you when you die or are critically injured/ill and cannot manage your own decisions. It’s too late to…
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.