Ashley Temer is a Financial Representative with Northwestern Mutual who helps professionals, families, and business owners plan for financial security. She’s here for your “Money Minute.”
It’s a tough thought to consider, but everyone should. Would your family be okay if you were injured or died? That’s where trust comes in.
With a trust, you can create a plan for your money and your family on your terms and it’s not as complicated as it may sound. It’s a legal document that, unlike a will, does not have to go through the courts and become public record. A lawyer can help you set one up and it typically does not take long. A Financial Advisor can help you with solutions to fund the trust.
You will be the grantor – the person who creates and sets up the trust. The trustee – chosen by you – will manage the trust for your loved ones.
There are different types of trusts available and each one works differently. They can help solve potential estate tax issues or pass your assets directly to your grandkids, for example.
Decide with a lawyer if a trust is right for you and which to use. The bottom line is if you have people or things in your life you care about, consider a trust.