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Three estate planning tools to make your assets last

On Behalf of | Jan 8, 2024 | Estate Planning |

As you start to think about estate planning, it’s common to worry about how your loved ones will use your assets. After all, you’ve devoted a significant portion of your life to accumulating that wealth, and it’d be shame for it to be wasted away in a matter of months or years. But is there anything you can do to ensure that your estate’s assets aren’t squandered away?

Absolutely! You have several estate planning options that you can use to protect your assets and give them longevity while still providing for your loved ones. Let’s take a closer look.

Trusts you can use to protect asset longevity

If you want to get mileage out of your estate assets, then you need to fully consider your trust options. Here are some that might be especially helpful to you:

  • Spendthrift trust: Here, assets are released incrementally to a named beneficiary so that they the assets last for a significant period of time. This also shields assets that are within the trust from your beneficiary’s creditors.
  • Discretionary trust: While this trust is similar to a spendthrift trust in that it can extend the time that your assets last, here distribution is controlled by the trustee who manages the trust.
  • Incentive trust: You can also tie the release of trust assets to a qualifying event through an incentive trust. This will give you control over what you want your beneficiary to accomplish, which may include obtaining financial literacy.

Know how to use estate planning to your advantage

Far too many people are afraid of the estate planning process, or they simply put it off until it’s too late. But you can find comfort by acting now to create the estate plan that you know is best for your loved ones and your assets.

We know the estate planning process can seem daunting, but it doesn’t have to be. Simply learn what you can about your planning options and reach out for any help that you may need in navigating the process.