When handing down wealth, your clients have two main options: leaving it outright to their beneficiaries or placing it in a trust so it can be distributed to the beneficiaries over time. An outright distribution is by far the simpler option, but it comes with risks for the unprepared. Read more to learn about how many inheritors-to-be may not be ready to handle a direct inheritance.

Beneficiary, transfer-on-death (TOD), and payable-on-death (POD) designations promise a smooth, probate-free handoff of assets that can save time and money. These tools take precedence over conflicting instructions in a will, but they are only as good as the care behind them. Read more to learn about the steps to avoid mistakes or missing information, which could potentially lead to unintended and detrimental consequences for the client and their loved ones.

Which Trust Is Right?

Financial advisors are intimately familiar with a client’s financial situation and goals. You may have clients whose needs or goals align with the advantages of a trust. You may want to open a dialogue with these clients about implementing a trust. Read more to learn about how you can introduce your clients to various available trust types and how a trust might fit into their financial and estate plans.

This information is for educational purposes only and cannot be considered legal advice, nor does the receipt of this newsletter create an attorney-client relationship.