You may be contemplating having a will created, and are wondering whether or not it’s worth doing at the current time in your life. Whether you are an elder, a parent, or a young adult just starting out your independent life, having a will can benefit you in many ways. You can have peace of mind knowing that even though life can bring unexpected events, it is possible to have a plan in place for you and your loved ones. According to Caring.com, as of the year 2020, the number of young adults who have invested in a will has increased by 63%. Check out a few reasons why creating a will is beneficial.
Decide Who Will Manage Your Assets and Property
Working with a dependable will and trust company is important for getting your personal needs met when it comes to writing and administering your will. A will can often go hand in hand with a trust. In basic terms, a will is a legal document that delegates how you want your affairs handled and assets distributed. A trust is a bound agreement where a trustee is given the direction to hold and manage assets by a trustor for the benefit of a specific purpose or person.
Trusts are enacted to establish legal protection for the trustor or grantor’s personal assets and to make sure those assets are distributed according to the rules created by the trustor. This is important in order to reduce paperwork and time spent and to avoid or reduce estate or inheritance tax fees. The best trust companies will make a point to walk you through this relationship to make the right choice for your assets, and to help you feel more prepared for your loved ones’ futures.
Provide a Plan for Children, Loved Ones, or Pets
If a grantor passes away, having a will and trust in place can assure that your family can avoid any court situations or legal challenges during an emotional and challenging time. You can include as many details as desired about the outcome for your house, assets, and even your pets, who can continue to be well taken care of.
Save Money, Stress, and Time for Your Family
You may be wondering “what is a delegated trust and what are the benefits?” First, you should consider the main differences between a directed trust vs delegated trust, to decide which is right for your lifestyle and loved ones. A directed trust allows the duties of the trustee to be taken on by more than one person, and someone other than the trustee can control investing. Delegated trusts are typically pre-existing, and do not allow for anyone but the trustee to delegate the duties. Depending on your situation, it may be best for you to consider a delegated trust, as the management of your trust assets will be in the hands of a professional investment advisor. In case the need arises, having a trust in your will can help your family and loved ones save time and stress making these large decisions during such a difficult time.
If you are looking to work with a Nevada trust company, consider working with Peak Trust Company. Our knowledgeable team of advisors is ready to assist you.