Dayton residents often hear the word ‘trust’ and think, “That’s for wealthy people—not for me.” This common misconception most likely stems from charitable trusts that many wealthier philanthropists have established upon death to financially support causes that are important to them.
However, trusts are not only for the wealthy. On the contrary, they can be for just about anyone. A trust is another type of estate planning document, like a will, that gives a person control over what will happen to his or her assets upon that person’s death.
One of the big advantages of a trust is its customizability. The creator of the trust (known as the grantor, donor, or the settlor) can control with much greater detail the administration of his or her assets.
Are you worried that your children will not be able to properly handle the money that they will inherit from you? You can specify exactly when your children receive the money and how much they will receive at any given time, breaking it up into increments if desired.
A trust is completely private, whereas a will is not. Also unlike a will, a trust allows you to avoid the lengthy and expensive probate process. Here is some helpful, basic information on trusts.
Do not make the mistake in thinking that trusts are not for people like you. Everyone should be planning for the future. That means you, too. Contact an experienced Dayton estate planning lawyer at Lovett & House Co., LPA for an appointment. We will listen to your needs and concerns and figure out if a trust is right for you and your situation.