Essential Guide: Choosing A Trust Specialist

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A trust specialist can help you to find the best way to pass your assets on to the next generation. Transferring your wealth to a trust that has been set up to keep your specific situation in mind can be a tax-efficient asset preservation strategy. It can also serve to manage your wealth in a manner that provides the greatest possible advantage to the beneficiaries that you have designated.

However, establishing a trust is not a simple matter. You will have to decide on various issues, some of which are legal in nature, and others that are dependent upon the type of assets that you own.

A trust specialist will provide you with guidance in the following areas:

  • The type of trust that best suits your particular requirements.
  • Legal and accounting issues that you need to consider.
  • Asset preservation strategies and tax issues.
  • The manner in which you can protect your privacy. Remember that your will could become a public document if it is to be submitted to the court. But a trust deed is a private document.
  • Trust jurisdiction. You will have to decide where to set up your trust. It is essential to make a choice that matches your requirements.
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In A Nutshell...

Making the right choice in selecting a trust specialist is a crucial step in preserving the wealth that you have accumulated over the years.

A well-drafted trust document and an effectively managed trust will go a long way in helping you to achieve your goal of passing on your assets to the next generation in the manner that you want.

It’s important that you are comfortable with the provider that you plan to deal with. Don’t take a short-term view and skimp on costs. The lowest cost provider may not be the best choice that you can make. 

Instead, you must identify one who has the experience and capability to help you safeguard your assets in the best possible manner. Even if you have to pay a premium for this service, it is worth the expenditure.

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Written by

Wani Azahar

Last updated on

October 22nd 2019, 2:05 pm

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