What is trust? And who needs one? Believe it or not, you don’t need to be a millionaire to set up a trust. It’s a relatively easy process, and one of the main benefits of setting a trust fund is having more control over your assets and estates after you pass away.
It’s Helpful if You Have Children
Creating a trust for a young child ensures they will be taken care of in the case of death in the family. You wouldn’t want to leave this to chance. Trusts are closed and will allow the child to retain eligibility for certain government programs like Medicaid. A trust also provides the child with asset protection.
Many people also want to avoid probate, which increases the amount of time it takes for loved ones to receive their departed family member’s assets. It’s a hard topic, but it’s always good to be prepared and do your research. You may not be elderly, however, having a plan in place is crucial.
Steps for Setting up a Trust
In general, setting up a trust usually follows clear steps. Working with a qualified professional, start by deciding what assets will be included in the trust. Create the proper documentation, notarize the agreement and, if needed, transfer your assets. Finalize everything by designating a beneficiary. There are different types of trusts, including an OBRA trust in Chicago, with different rules and detailed steps so working with a qualified professional is recommended.
But What if I Need Help?
Need an OBRA trust in Chicago? It doesn’t have to be a difficult process setting one up. Instead, work with a qualified professional. Life’s Plan, Inc. ensures that your life goes according to plan.
