Trusts used to be viewed as a tool for the wealthy. That is no longer the case.
Most people probably first learned about trusts in a history class.
The idea of trusts is often introduced when we study the presidency of Teddy Roosevelt. He is famous for speaking out against the trusts of his day and beginning to break them up.
The trusts being talked about in history, were the vehicles of extremely wealthy people that were used to hold their assets. The biggest trusts had immense economic power and near full control over some industries.
Because of this history, people often still think of trusts as things that very wealthy people get and use.
However, trusts are now for everyone, as the Times Herald-Record discusses in “Trusts are no longer just for the wealthy.”
There are all kinds of trusts available today. They can be created for many different purposes.
Trusts can be used to make inheritances in blended families less contentious. They can also be used to hold inheritances for minor children. Trusts can be as simple as being nothing more than a convenient way to avoid the potentially costly and time-consuming probate process.
Because trusts are so versatile, almost anyone can benefit from a trust.
If you would like to know how you might personally benefit from getting one, talk to an estate planning attorney about your needs and what types of trusts can help meet those needs.
Reference: Times Herald-Record (Sep. 28, 2017) “Trusts are no longer just for the wealthy.”