What is the Purpose of a Trust?

• Avoid probate, avoid court, avoid delays and legal fees,
• Keep assets in friendly hands in case of incapacity,
• Give assets to your children,
• Encourage advanced education,
• Provide for costs of education,
• Reduce income and estate tax,
• Provide security for loved ones,
• Protect assets,
• Provide medical care for loved ones,
• Provide assisted living or long term convalescent care,
• Provide bank account for a minor,
• Keep a business through generations,
• Provide management for minors, the handicapped, or seniors,
• Provide lifetime income for a surviving spouse,
• Select preferred chosen heirs, and limit others,
• Defer, reduce, or eliminate estate tax,
• Provide security and liquidity for heirs,
• Maintain family assets for generations,
• Set and maintain family goals for generations,
• Provide retirement income,
• Provide equity and security for surviving spouse,
• Avoid capital gains tax,
• Transfer assets to charity,
• Provide income during trust term,
• Provide use of a house during trust term,
• Facilitate transfer of a family business,
• Keep assets in your family for future generations,
• Privately safeguard personal wealth,
• Benefit charity, church, schools, medical causes,
• Many, many other reasons...


Keep in mind that many trusts combine benefits with many of the above categories.