When thinking about your future, do you have plans for what will happen if something happens to you? No one wants to think about their death, but it’s best to have something in mind for your family in case the inevitable happens. While you may be young, there are many things that can happen unexpectedly, so it’s important that you don’t wait to create a trust or a will. You can never be sure what is going to happen tomorrow, so you should talk to a trust attorney in Rhinelander WI today to make sure your family is taken care of if anything happens to you.
A trust is similar to a will, but is not made public. In the case of a trust, there is a trustee and a beneficiary. The trustee is the person who gets the money or property detailed in the trust, but usually they cannot have the entire sum until they reach a certain age. In some cases, they may not ever be able to get the entire sum. This is usually used by people who think that their child cannot handle their finances and would blow through the entire sum quickly. The trust is given to the child to help them throughout their life, not so they can throw one big party.
The beneficiary is the person in charge of the trust. This is usually a person who the creator of the trust believes is responsible and will manage the money involved in the trust appropriately. This person can dictate how much of the money from the trust the trustee can have at one time, and will ensure that the money is used appropriately. They are the person who is actually in charge of all of the money, and though they can’t use it for themselves, they have the final say in how it will be used.
If you think that creating a trust would be in your best interest, it’s best to talk to a trust attorney Rhinelander WI today. They can help you create the trust, figure out the terms of the trust, and name a beneficiary to handle the trust in case the inevitable happens.
