50+ Lifestyles

Who would start a trust?

By Anne Coffman
Marketing Director at Ridgecrest Village

When we talk about financial and estate planning, we automatically think of a “Will” or Last will and testament to spell out our wishes after we pass away. We want to make sure that what we have worked hard to accumulate will be
distributed as we wish. Although a will is an established part of setting up an estate, and it can spell out many things such as where our children will live. It may not be always the best vehicle to accomplish all our wishes. Wills come with a set of problems we may not realize. A trust is another method of setting up our wishes and maybe another solid avenue to
consider in estate planning.

Let’s first look at the differences. A last will and testament goes into effect directly after your death. It can control the distribution of property however if one doesn’t name a beneficiary the estate will be a deciding factor on assets such as life insurance policies. A will has to go through probate, held in a state court which makes them a matter of public record, open to whoever cares to investigate that information. There is also additional time and fees associated with putting a will through probate that needs to be considered.

A trust is a legal agreement that can instruct exactly how and when assets are passed to your beneficiaries. It can be kept private and can continue to hold property for minor children until they can legally take ownership of the property, or it can be held until a specified time. This can protect assets until the beneficiary reaches what is considered a mature age to prevent them from going through their inheritance quickly. However, there are many different forms of trusts and each holds different advantages or disadvantages that make them best for different scenarios. People often think trusts are only for the wealthy, but a trust may be the perfect tool for you to incorporate into your estate planning.

We personally invite you to join us for our February Lunch and Learn lecture “Why would anyone create a trust?”. Our featured speaker will be Cody Allen, CRSP, Senior Vice President, Investment Management Group, Northwest Bank & Trust Company. Cody will tell us about trusts and real-life examples of individuals that have simplified their current financial situation and improved their estate plans with the use of a trust.

Please join us for our
February Lunch and Learn:
Who Would Start a Trust?
Wednesday, February 19th, 2020
12:00 p.m. Lunch ($5.00)

1:00 p.m. Program (no charge)
@ Ridgecrest Village
4130 Northwest Blvd, Davenport
Please RSVP by February 17th
to Karen McCoy at 563-388 3563
or email: kmccoy@ridgecrestvillage.org

Anne Coffman is Marketing Director for Ridgecrest Village in Davenport, Iowa. For more information about Ridgecrest Village, contact Anne at 563-388-3215