In Trusts We Trust: Simplifying a Complex Concept

Think of a trust as a box you create to hold your assets (money, property) for the benefit of someone else (beneficiary). You, the grantor, place the assets in the trust and choose a trustee, a responsible person, to manage them according to your wishes.

There are two main types of trusts:

• Revocable Trusts: You can change your mind and access the assets anytime during your lifetime. These simplify the probate process, avoiding the public court procedure your assets typically go through after you pass away. This is the most common type of trust.
• Irrevocable Trusts: Once you put assets in, you generally can’t take them out. However, irrevocable trusts may offer tax benefits, like potentially reducing your estate taxes.

Benefits of Trusts:

• Control the Distribution of Assets: You can specify exactly when and how your beneficiaries receive the assets in the trust.
• Protect Assets: Trusts can shield assets from creditors or lawsuits in some cases and can help to avoid the time and expense of the probate process.
• Manage Assets for Beneficiaries: If a beneficiary is young or inexperienced, a trust can ensure responsible management of their inheritance. It can also assist in a more efficient distribution of your assets in regard to time, taxes, and other costs.

Hendricks Wealth & Estate Management will be speaking further on this topic during a FREE “Don’t Do Dumb” webinar on Wednesday, August 14, 2024 at 5:30 p.m. CST. Plus, someone in attendance will win 2 tickets to a Cubs game at Wrigley Field!

To reserve your spot or learn about future “Don’t Do Dumb” financial sessions, visit www.jghfs.com/events. Questions? Call us at 847-428-3997.

Hendricks Wealth & Estate Management

650 Spring Hill Ring Rd., Ste. 2000

West Dundee, IL 60118

(847) 428-3997

www.jghfs.com