Most people are aware that trusts are beneficial to your family and the administration of your estate once you are gone. But, it is important for individuals to understand that trusts also provide many benefits while you are alive as well. For example,
- Trusts allow you to maintain control over assets into the future rather than leaving a lump sum amount to your beneficiary. A trust holds assets for the benefit of beneficiaries.
- A trust allows you to determine when and how trust distributions should be made. For example, a grantor may be allowed to state specific ages when the beneficiaries may receive specific amounts from the trust.
- If you believe your trustee should have flexibility, you can provide vague instructions for distributions such as “education expenses.” When your instructions are vague, the trustee will be allowed to use his/her own judgment in making the trust distributions.
If you are interested in learning more about trusts and how they can benefit you, contact Maura Curran today.
