What is a Family Trust?
A family trust is a proven strategy of passing wealth from one generation to the next. If held within a trust, assets that are “passed over” to the younger generation do not go through probate when the individual passes away. However, it does automatically get passed on to the beneficiaries of the will, which in turn, becomes a matter of public record. This process of “passing over” assets will lower probate fees and increase the privacy of your financial affairs.
Developing a plan for your family or trust is important for protecting everyone
Family trusts can be a sensitive issue for a family. Despite this, it is vital to have a family plan and trust clearly laid out to avoid potential issues. Many business owners and their families have benefited from implementing this strategy. Let us demonstrate how a Family Trust works in your favor and how it may benefit your family.