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Nobody wants to think about dying, but being prepared for a disaster is very important.
In this video, Entrepreneur Network partner Mark Kohler discusses why it can be smart to create a trust in addition to owning life insurance or having a will.
One of the most important reasons to create a trust is that you can leave behind specific rules for when the money can be spent and how it can become available. This can help if you expect to leave the money to children under 18 (or adults who act like they’re under 18).
Or, maybe you trust your heirs, but you own real estate. Owning real estate can lead to interstate probate, which can be difficult, expensive and time-consuming for your heirs. A trust can own your real estate, allowing a trustee to step in and handle the real estate without having to go to court.
There are several reasons to own a trust, and knowing what’s best for your situation can make a massive difference. To learn more about creating a trust, and the reasons to do so, check out the video.
Watch more videos from Mark J. Kohler on his YouTube channel.
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