How can you make your wealth work for your descendants and beneficiaries long after you are gone? The surest way is to leave these assets under professional oversight with instructions on how the wealth should go to beneficiaries. Trust and wealth management puts up such structures such that the assets you leave are protected and become helpful to your chosen beneficiaries. How does this secure your dependents' futures?
1. Asset Protection Against Lawsuits
Your estate is open to lawsuits even after you are gone. Those who inherit your assets will be in such lawsuits as respondents. It can be a very unsettling experience, for example, for your college-going grandchild to start tangling with lawyers instead of enjoying their inheritance.
Trust and estate planning services help secure your assets by setting up a trust and putting your assets in these structures. They are immune from lawsuits arising from claims from creditors, divorce settlements, and other litigation settlements.
2. Asset Protection From Wasteful Beneficiaries
You can never tell what will happen to the inheritances that you bestow upon your beneficiaries.
A trust and wealth management service can protect the inheritance you leave behind against wastage using a trust with specific instructions on how to transfer wealth. For example, you can instruct that anyone under a certain age can only access education-related money and a monthly allowance, then after settling down, have a greater allowance for family needs. The trust protects the beneficiary against wasteful habits and makes the inheritance more useful.
3. Providing For incapacitated/Disabled Beneficiaries
What happens to a beneficiary who cannot take care of their finances because of incapacitation or disability? People you trust to take care of mentally disabled or substance abuse victims may take advantage of them when you are gone.
Putting up a formal structure to provide for such beneficiaries is a better idea. Trust services can ensure the welfare of such beneficiaries is well taken care of when you are alive and after you are gone.
4. Provision for Children From Different Marriages
A trust and wealth management service can set up an irrevocable trust to take care of all of your children from different marriages. It avoids leaving them at the mercy of your current spouse.
Are you looking for assurance that your children will have a secure future after you are gone? Talk to a trust and wealth management service about your financial plans for them.