A trust is a legal arrangement that allows you to set up your assets to be held and managed by a third party, known as a trustee. Their responsibility spares your estate from any unnecessary worry of negligence.
Trusts are not just for large estates and the very wealthy. A trust is crucial for estate planning. It can protect your family, help them avoid probate court proceedings, and increase your control over the wealth you leave behind when you die.
The type and purpose of a trust will depend on your personal needs and goals. There is no one-size-fits-all option, so it's important to take some time, think about what you want, and then seek legal advice.