There Are Many Types of Trusts: Which One Best Meets Your Needs?

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Trusts are financial instruments that enable you to obtain specific goals for your loved ones and assets. They can help reduce taxes on your estate, provide protection from creditors, support your family after you are gone, and benefit charitable organizations for years.

A trust and a will can transfer assets to your loved ones, but a trust does it much faster because it avoids going through probate. It is a powerful tool for estate planning when set up correctly.

Benefits of a Trust

Creating a trust can provide several benefits to help ensure your assets go where you want them to go—and when. They are more difficult to challenge than a will, and you control the terms of the asset dispersal to your beneficiaries, including to those who cannot manage their own finances.