Many Arkansas residents may be thinking about what they would like to do with their assets. It is common for older people to begin thinking about asset distribution and how they want their affairs settled after their passing, but really, it is important for individuals of any adult age to give thought to such matters. Similarly, it is important for individuals of any income level to consider using trusts.
Far too many people think that only wealthy parties use trusts or have trust funds. However, a trust is an immensely useful estate planning tool that can protect assets and give more control over asset distribution. If a person wants to leave money to a specific loved one and wants that money to be used for a specific purpose, a trust is a viable way to do just that.
The grantor, or person creating the trust, can leave instructions for how the assets in the trust should be used. He or she can then appoint a trustee who will manage the fund and ensure that the assets are distributed according to the grantor’s wishes. The beneficiary will then receive the assets when the stipulations have been met.
Shying away from using trusts is not unusual, but it is often because individuals do not have the right information about the many uses of a trust. If Arkansas residents have specific wishes they want carried out, they may want to look at this planning tool more closely. It may be to their benefit to discuss their wishes and the possibility of utilizing this option with knowledgeable estate planning attorneys.