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Protecting Your Loved Ones: Trusts And Beneficiary Designations

Protecting Your Loved Ones: Trusts And Beneficiary Designations

| July 17, 2023

There are two essential aspects to consider when it comes to estate preparation: trusts and beneficiary designations.

Trusts are powerful tools that allow you to transfer assets to a separate legal entity managed by a trustee to benefit designated beneficiaries. They offer advantages such as privacy, control over asset distribution, and the ability to minimize estate taxes. Depending on your circumstances, various types of trusts, such as revocable living trusts or irrevocable trusts, may be suitable for your estate plan.

Additionally, beneficiary designations play a vital role in estate preparation. By designating beneficiaries for assets such as life insurance policies, retirement accounts, and bank accounts, you can ensure a smooth transfer of these assets outside of probate, avoiding delays and potential costs.

Let us know if you want to discuss the best trust structures and beneficiary designations for your unique situation.

Please note that United Planners and its representatives do not provide legal advice.