Trust companies are not only for the wealthy.
You know you need to create an estate plan.
You are not positive what you need, but you think a last will and testament may suffice.
After all trusts and companies are only for those with extensive wealth, right?
According to a recent Pasadena Journal article titled “Who Can You Trust to Reduce Stress of Estate Planning?,” this is not true.
Having a reasonable amount of financial assets means you may benefit from a trust company.
Trust companies provide a variety of services from managing or safekeeping assets to administrating trusts.
This range of services means having one appointed could be helpful to you.
First, a trust company can minimize opportunities for family disputes over your estate.
With no one family member in charge, there is a greatly reduced perception that anyone is being treated unfairly.
Trust companies can provide greater control within your estate planning, especially regarding how and when assets are to be distributed.
A trust company can also take some of the stress of estate planning from your shoulders, through the experience its brings to working with and coordinating the services of tax advisors, attorneys, and financial professionals.
Finally, a trust company has a fiduciary responsibility, meaning it is are bound to act in your best interests.
As you work with your experienced estate planning attorney, ask him or her about whether a trust and a trust company would be beneficial to your plan.
Reference: Pasadena Journal (February 20, 2019) “Who Can You Trust to Reduce Stress of Estate Planning?”