What is a Trust?
If you have an estate over $100,000 or investment, life insurance, retirement funds with minor beneficiaries, a trust package may better meet your needs than a will package alone. A trust package sets up a living trust which will remain completely in your control during your life, but that shields you from probate at death and also allows for streamlined control over the distribution of assets upon your death. A trust is particularly beneficial if you have life insurance or other similar accounts with minor beneficiaries listed as you’ll be able to control when your children get that money and who distributes that money to them. The Trust package also includes a will that ensures any assets not in the trust at death can be poured into the trust. All the benefits of the will package are included in the trust package including the appointment of a guardian for minor children, a document to appoint an individual to act on your behalf in financial matters in the event of incapacitation, and the medical directive in case of incapacitation. The addition of a trust to your estate plan provides advantages that a will alone cannot provide.