If you are looking for a great way to protect your wealth, a Connecticut family trust can have a lot to offer. It’s understandable if this is your first time hearing about family trusts. Here’s more information about family trusts and how they help you protect and preserve your assets.
What is a family trust?
Family trusts are types of living trusts. Given its name, a family trust can only have your relatives as beneficiaries. With a family trust, you’re in control of how your assets get distributed after you pass away. You can choose to have a family trust be either revocable or irrevocable. Revocable trusts can get changed or terminated. However, you can’t change an irrevocable trust once it gets established.
How family trusts protect your wealth
By having a family trust, you can determine the best way to distribute your assets. This situation is beneficial if you’re leaving assets behind to people who are children now. It’s also great for adults who aren’t able to manage their money well. A family trust also protects your beneficiaries from creditors coming after what you leave behind.
Another way family trusts protect your wealth is by having your beneficiaries avoid going through probate. Without a trust, your assets get distributed in probate court. Making matters worse, probate can be expensive. With a family trust, your assets don’t go towards paying for the process.
By protecting your assets against creditors, avoiding probate and putting you in control of wealth distribution, family trusts offer several ways to help you protect your wealth. With all of these qualities, family trusts can give your beneficiaries financial peace of mind for decades to come.