Everyone enjoys watching movies. It’s something that really brings people together while they share the story of the characters on screen; I love it.
The other day, I was going through my movies and found the Bourne Series. If you are unfamiliar with Jason Bourne AND you enjoy great films, I strongly suggest this series. Bourne is one of the only individuals whom I can recall who would not benefit from estate planning, as he is a vagabond with no assets save for the clothes on his back and no objective in life but to right the injustices the world places before him. If you closely identify with Bourne, this article is not directed at you. But if you’re like his real-life actor Matt Damon, with a family and assets, do you need to consider establishing a trust?
It is a common misconception that trusts are only for the wealthy. Trusts are legal mechanisms which allow anyone to put conditions on the distribution of trust assets (those assets owned by the trust) upon death. This use for a trust exists in a vast majority of the estate plans we help create, regardless of the testator’s wealth.
Like estate planning, the purpose of a trust is to emphasize the planning aspect and allow the grantor precise control over his or her estate after death. We are especially fond of testamentary trusts to help plan for any contingencies which may arise.
In the next blog, we’ll explore the different types of trusts, but in the meantime if you, or someone you know, have any questions regarding estate planning please feel free to contact the Kreamer Law Firm, P.C. at http://kreamerlaw.com/ or by calling 515-727-0900.