Financial Trusts Explained for Beginners

There are a lot of financial tools available that can help you save, invest, and protect the financial future of your family. Trusts are a tool that is often used for financial planning, but most people do not take advantage of these tools. This video explains trusts for beginners to help you better understand how valuable this tool can be in your financial planning.

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First, a trust is a legally binding document that is used in estate planning. There are two types of trusts. A living trust that can be changed at any time, and an irrevocable trust, which cannot be changed. There are many reasons why setting up a trust can be valuable. A trust can ensure that family members can avoid probate court if you pass away. Another reason to set up a trust is to receive the tax benefits that are available. A trust can also help to keep the details of an estate private. The presenter explains that as the number of your assets increases the more you need an estate. An estate attorney can help you to draft a trust. The video also shares a valuable tip to avoid one of the most common mistakes. Watch now.