What Assets Should Be In A Trust?

Choosing the right assets to put in a trust is crucial for protecting your estate and achieving your financial goals. In the world of estate planning, trusts are potent tools used to manage, protect and pass on your wealth. However, not all assets should or can be placed in a trust. So, what assets should be in a trust?

Understanding Trusts in Estate Planning: An Overview

The Role of Your Primary Residence in a Trust-Based Estate Plan

Firstly, the primary residence is a significant asset that typically should be included in a trust. Placing your home in a trust can potentially save your heirs from the costly and time-consuming probate process. This is a cornerstone move in any trust-based estate plan.

Investment Property and Trusts: Safeguarding Your Assets

Another key asset type to include in your trust is any investment property you own. Placing rental properties or vacation homes in a trust can provide beneficial tax advantages and protect these valuable assets from creditors.

Why Valuable Personal Property Should Be in Your Trust

Moreover, valuable personal property such as art, jewellery, or collectibles should also be considered for inclusion in a trust. This ensures their safekeeping and facilitates their seamless transition to your heirs upon your demise.

Securing Financial Assets in Trusts: Stocks, Bonds, and Mutual Funds

Stocks, bonds, and mutual funds are other significant assets that could be beneficially placed in a trust. This offers not only smooth transfer to your beneficiaries but also provides an organized system of management for these assets.

Including Business Interests in Your Trust: A Strategic Move

Finally, consider placing business interests in your trust. If you own part or all of a business, transferring this ownership to a trust can provide continuity in the event of your incapacity or death. It avoids potential disruptions to the business and safeguards its value for your beneficiaries.

Estate Planning: Individual Circumstances and Personalized Solutions

However, remember that each individual’s circumstances are unique, and what works for one might not work for another. It’s essential to consult with an estate planning attorney or a financial advisor to understand the best course of action for your specific situation.

Choose The Right Trust For Your Assets: Book A Consult Today

Understanding what assets should be in a trust is the first step towards efficient estate planning. However, the process can be complex and challenging. You don’t have to navigate these complexities alone. Contact or book a consult with our experienced Trust Administration Team at PM Attorneys today, to ensure your assets are protected and your loved ones are provided for. Get the peace of mind you deserve knowing your trust is well-managed and your estate plan is secure.

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