When you think of who needs a trust, you may think they really are only necessary for the wealthy, who want to grow their assets or who have a great deal to leave behind to their loved ones. You may think it is too expensive to establish a trust and you may even worry about making your heirs “trust fund babies.” However, there are some reasons why many people in Kentucky could benefit from establishing a trust even if they are not rich or famous. The following is one reason why establishing a trust may be right for you.
You have a complex family situation
Families these days come in all shapes and sizes. You may have children, stepchildren or grandchildren. You may be married maybe even more than once. Alternatively, you may be widowed or you may have divorced. You may even be in a long-term romantic relationship, but you and your partner remain unmarried. A trust can be executed to reflect these dynamics.
An example of how trusts can help families
For example, if you have a minor child and you pass way with only a will, generally the child cannot receive their inheritance until age 18. However, in a trust you can include provisions that allow your child to receive income at an age dictated in the trust, and then have access to their remaining inheritance when they reach age 18.
Trusts can do so much more
There are many different types of trusts that can meet many goals. In addition to the inheritance factor, when you create a trust and select a trustee, you can rest assured that your wishes will be met without having to go through any extra changes. This can be of great comfort to a person of any wealth. This post does not contain legal advice, so those who want to learn more about whether a trust is right for them may want to discuss the matter with an elder law attorney.