Personal Trusts: Building a secure future for the ones you love

Woman who is happy because she has secured a future for those who she loves most with a personal trust.

We all want to protect the people we love most. And while it’s impossible to predict what the future may bring, it is possible to prepare for it—with a personal trust.

What is a personal trust?

A personal trust is an estate-planning tool that offers more flexibility than a traditional will. It lets you determine and control key factors regarding your assets, including how they’re distributed, to whom, and when.

And trusts aren’t only focused on future generations. They create a plan for using and enjoying the wealth you have. They also support your needs if you unexpectedly become ill or are unable to take care of yourself.

Is a trust right for me?

You may think that trusts only apply to people with a lot of money. Or that you’re too young to even consider estate planning right now.

But the truth is, it’s never too early to start planning for your family’s future. And trusts are a great way to do it, no matter what your financial situation.

Trusts offer benefits for all types of people:

  • Parents. Create a plan for distributing wealth for multiple generations. Determine when your heirs will receive their inheritance, and add provisions for receiving it, like getting a college degree.

  • Families of people with special needs. Provide care for a child or family member with special needs. Maintain eligibility for government support, and set up a financial plan that acts in your loved one’s best interest.

  • Spouses and significant others. Take the burden of investment decisions off your family. Distribute your retirement benefits, and provide for children from a previous marriage, if you have any.

  • Business owners. Protect your assets from creditors, and establish a plan for funding your business after you retire. You can also determine how to equally distribute assets among family members who aren’t involved in your business.

Get help from a financial professional

While there are many online resources and software programs out there, DIY estate planning usually isn’t your best bet. Pre-built forms don’t always address your specific situation, and open up the possibility of mistakes or omissions. Add differing state rules on top of that, and things can get complicated quickly.

A financial professional will help you navigate all of this, so your personal trust reflects your hopes and wishes for your life and the people in it.

While you can’t control what the future holds, you can get peace of mind with a personal trust.