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Wealth Management

The Fundamentals of Trusts

  • Oppenheimer & Co. Inc.
  • July 14, 2020

How they can help you create a comprehensive estate plan

One of the most frequently utilized strategies in estate planning is the use of trusts. Once associated with high net worth individuals as a way to pass money to heirs or charitable organizations, trust are quickly becoming a popular tool for everyone. The main reason people create trusts is to have control over who receives their assets; additionally trusts can offer other advantages such as keeping your estate private, protecting your legacy, and avoiding probate.

mature couple looking at paperwork

Reasons to Consider a Trust

  • Tax planning purposes
  • Concerns of a spendthrift beneficiary
  • To avoid probate
  • To plan for an underage or special needs individual
  • Charitable planning
  • Simply for privacy

Three Ways to Create a Trust with an Attorney

1. Drafted Trust: Living trust

2. Sub-Trust: Springs from an existing trust

3. Testamentary Trust: Contained within a last will and testament

Get Started Today

Trusts are flexible, varied, and complex entities; each with its own advantages and disadvantages. However, having a basic understanding of the different types and how they work can be advantageous for you and your heirs. Regardless of your financial situation, setting up a trust is an excellent financial tool to ensure your estate is disseminated to the appropriate heirs.

Contact your Oppenheimer Financial Professional today to assist you in creating a comprehensive estate plan to help you feel more confident about the future and that your loved ones will be taken care of.

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© 2020 Oppenheimer & Co. Inc. Transacts Business on All Principal Exchanges and Member SIPC. All rights reserved.

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