by Clay Zachry, CFP®

When it comes to estate planning, establishing a trust can be a helpful way to ensure long-term financial stability and manage assets over time. Trusts exist in a wide variety of forms to serve individuals, couples and families over lifetimes and after death.¹ Trusts are established for a variety of reasons, among them:

    • To avoid probate
    • To reduce estate taxes
    • To keep assets in the family
    • To ensure privacy
    • To benefit a charity
    • To build a legacy

Establishing a revocable living trust is one of the first steps in the estate planning process. Also known as a living trust, it is an important estate planning tool that provides flexibility to amend or adjust provisions over the course of a lifetime; not all trust types are as forgiving.²

Estate planning is a key component in building a comprehensive, long-term strategic financial plan, and we make it an integral part of our advisory process when working with clients. Contact Harris Financial Advisors for experienced guidance relating to your long-term planning.

 

1. Sraders, Ann. “What is a Trust? A Guide to Different Types and Their Uses.” TheStreet, 10 July 2018, https://www.thestreet.com/personal-finance/what-is-a-trust-14644964.

2. Fletcher, Christine. “9 Reasons Why You Should Consider a Living Trust.” Forbes, 16 August 2018, https://www.forbes.com/sites/christinefletcher/2018/08/16/9-reasons-why-you-should-consider-a-living-trust/#10bea44135df.