Estate Planning Using Trusts: Not Just for the Ultra Wealthy
By
MP Wealth Advisory
As you review your estate plan, have you considered the use of a trust? Trusts are often seen as a tool used by the ultra wealthy. Yet, there may be benefits for individuals with more modest wealth positions that justify the associated costs, which can generally run in the thousands of dollars for legal fees in order to set up, as well as additional costs for maintenance.1
While trusts can be created during an individual’s lifetime (known as inter-vivos trusts) and can offer many benefits for wealth planning, the focus of this discussion is on estate planning using testamentary trusts, which are generally established under your will. After death, certain assets would be transferred to the testamentary trust according to the directions specified within your will, to be managed by a trustee on behalf of a beneficiary.
The opinions contained herein are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Wellington-Altus Private Wealth. Assumptions, opinions and information constitute the author’s judgement as of the date this material and subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Graphs and charts are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual’s objectives and risk tolerance. All third party products and services referred to or advertised in this presentation are sold by the company or organization named. While these products or services may serve as valuable aids to the independent investor, WAPW does not specifically endorse any of these products or services. The third party products and services referred to, or advertised in this presentation, are available as a convenience to its customers only, and WAPW is not liable for any claims, losses or damages however arising out of any purchase or use of third party products or services. All insurance products and services are offered by life licensed advisors of Wellington-Altus.
Commentary
Estate Planning Using Trusts: Not Just for the Ultra Wealthy
As you review your estate plan, have you considered the use of a trust? Trusts are often seen as a tool used by the ultra wealthy. Yet, there may be benefits for individuals with more modest wealth positions that justify the associated costs, which can generally run in the thousands of dollars for legal fees in order to set up, as well as additional costs for maintenance.1
While trusts can be created during an individual’s lifetime (known as inter-vivos trusts) and can offer many benefits for wealth planning, the focus of this discussion is on estate planning using testamentary trusts, which are generally established under your will. After death, certain assets would be transferred to the testamentary trust according to the directions specified within your will, to be managed by a trustee on behalf of a beneficiary.
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The opinions contained herein are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Wellington-Altus Private Wealth. Assumptions, opinions and information constitute the author’s judgement as of the date this material and subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Graphs and charts are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual’s objectives and risk tolerance. All third party products and services referred to or advertised in this presentation are sold by the company or organization named. While these products or services may serve as valuable aids to the independent investor, WAPW does not specifically endorse any of these products or services. The third party products and services referred to, or advertised in this presentation, are available as a convenience to its customers only, and WAPW is not liable for any claims, losses or damages however arising out of any purchase or use of third party products or services. All insurance products and services are offered by life licensed advisors of Wellington-Altus.