Trusts are not just for the wealthy; even couples with smaller estates can benefit from the use of trusts. A properly drafted trust can make an estate settlement process much easier because you will not have to go through probate. Parents can ensure that a designated purpose for money is carried out because the trustee supervises the spending of a beneficiary. Trusts can also be useful for special needs clients and avoid financial mismanagement. Additionally, there are tax benefits that accompany trusts.
See David T. Mayes, Money Talk: Trusts are Not Just for the Wealthy, Seacoastonline.com, Mar. 11, 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
