7 Reasons a Trust Might Be Right for You

10:32 pm California Trusts

trust pic e1378498532909 7 Reasons a Trust Might Be Right for You“Trust fund baby” conjures up images of spoiled children who live off wealth they did not create, but a trust can serve many purposes and is most decidedly not just for the rich.

As a recent Fox Business article notes, trusts are merely legal entities that exist to hold assets for the benefit of the person who sets it up (settlor) and the beneficiary.  And there are a number of reasons anyone would want to set up a trust, including these 7:

  1. You do not want your children to inherit when they turn 18
  2. You want to protect your assets from creditors or divorce
  3. You want someone else to manage your assets
  4. You have a complicated family situation (i.e., spouses with children from previous marriages)
  5. You want to avoid probate
  6. You want to take care of a special needs person
  7. You want to protect your privacy

To determine if a trust or other estate planning strategy would be beneficial to you and your family, contact our Newport Beach law firm.

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