There is a lot of talk today about Trusts, however, many people don’t know what it is and the importance of having a Trust in their planning – so most fail to plan. It’s almost impossible to build a Generational Wealth Plan without building Trust.
A Trust is a recognized entity to live beyond your time. It is created specifically to handle titled assets, therefore titles may be placed in the name of the Trust and would never need to be changed again for distribution to the named beneficiary.
Trusts are most useful to avoid probate. Probate and/or Succession is the court-supervised process of wrapping up a person’s estate. This can be a costly and time-consuming process, without privacy. Assets through a living trust can pass to beneficiaries without probate/succession. Because it holds the asset, it becomes a Trust Holding, no longer subject to bloodline laws. It’s the most protective type of planning.