The importance of a trust

I’m Miriam Neff,  and I’m Valerie Neff Hogan, with Wise Women Managing Money

M We here at wise women managing money often speak of the importance of a trust. If you have a will, is a trust necessary?

V  It depends. The main benefit of a trust is to ensure that your assets are managed for the benefit of your heirs, according to your wishes. Also trust information is private, while will information is public.  Stewarding what God has loaned to you means you select heirs who would benefit and use that gift wisely.  You can also avoid some taxes by transferring assets to a tax-advantaged charitable gift.  Yes, there are costs to setting up a trust.

M By creating that trust, you are providing more control to direct those assets God has entrusted to you in God honoring ways to people and charities.