Trusts: What You Need to Know
You may be thinking of creating a trust to help manage your assets — or maybe you don't even know how a trust could help. Here is a basic overview of trusts:
In the absence of nationally uniform trust legislation, individual states have developed their own laws to govern establishing and maintaining trusts. The Uniform Probate Code sets forth provisions relating to wills and trusts and has been adopted by many states.
A common misconception about trusts is that they're very expensive to set up and advisable only for high-net-worth families. Although the wealthy have long used trusts, they actually can be both useful and economical for even modest-worth families. The only way to know how a trust can help with your family's estate plan is to speak with a professional.
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