Previous | Five tips for managing the stress of a financial setback Next | Is Mobile Banking Safe for My Business?
July 12, 2019 / F&M Trust
Pass it on: Make sure your hard-earned money is left to the right people

Pass it on: Make sure your hard-earned money is left to the right people

Building up your savings takes years of hard work. And at some point, you’ll want to make sure your hard-earned money is passed on safely to your children and grandchildren.

Trusts, which hold assets such as property, stocks and money on behalf of another person, are a great way to ensure that your wealth is preserved and disbursed to your exact specifications. But there are several misconceptions associated with trusts that you can’t afford to fall for:

Myth: Trusts are only for the ultra-wealthy.

Most likely, the first thing that comes to mind when you hear the words “trust fund” is ultrawealthy families setting up their kids for life. The reality is that trusts are appropriate for nearly anyone who wants their heirs to be able to circumvent the cost, anxiety and family conflict associated with probate. The court, which settles the deceased’s estate, can be avoided altogether by using a revocable living trust — not to mention, leaving behind a detailed plan like a revocable trust reduces the likelihood of the “who gets what” battle between family members after your death.

Myth: The only estate planning document I need is my will.

While a will may be suitable for someone with a more modest estate, as the estate grows, it becomes increasingly difficult to avoid complications without using a trust. For instance, the terms of a will can easily be contested in probate, racking up attorney’s fees that could quickly eat up a great deal of the money you wanted to see go to your heirs. Moreover, probate can take years, which can delay the transferring of assets to your loved ones.

Myth: I will lose control of my assets by establishing a trust.

Revocable or living trusts can be amended or nullified entirely, whenever the creator of the trust wishes to do so. And they even have the option of being their own trustee and appointing others as co-trustees, should the creator of the trust become unable to manage the trust him or herself. After death, the person who signed the trust can control when, under what circumstances, how and to whom their assets are transferred.

If you’d like further information, contact an F&M Trust Investment & Trust Services professional today.

Recent Articles
Is Mobile Banking Safe for My Business?
Is Mobile Banking Safe for My Business?

Is Mobile Banking Safe for My Business?

September 30, 2022 / Cynthia E. Marconi

Grandparent Scams Can Cost Victims Thousands of Dollars
Grandparent Scams Can Cost Victims Thousands of Dollars

Grandparent Scams Can Cost Victims Thousands of Dollars

September 22, 2022 / F&M Trust

Passkeys and the Future of Estate Planning
Passkeys and the Future of Estate Planning

Passkeys and the Future of Estate Planning

September 15, 2022 / The Merrill Anderson Company

The biggest financial mistakes business owners make
The biggest financial mistakes business owners make

The biggest financial mistakes business owners make

September 08, 2022 / Rich Best

Green Practices are Good for Nature and for Business
Green Practices are Good for Nature and for Business

Green Practices are Good for Nature and for Business

September 01, 2022 / F&M Trust

Planned giving in 2023
Planned giving in 2023

Planned giving in 2023

August 25, 2022 / The Merrill Anderson Company

Student Loan Scams
Student Loan Scams

Student Loan Scams

August 18, 2022 / Ray Wills

Unconventional Ways to Fund a Small Business
Unconventional Ways to Fund a Small Business

Unconventional Ways to Fund a Small Business

August 11, 2022 / Arla Wallace

Fear of Missing Out is not a sound investment philosophy
Fear of Missing Out is not a sound investment philosophy

Fear of Missing Out is not a sound investment philosophy

August 04, 2022 / The Merrill Anderson Company

Join our e-newsletter

Sign up for our e-newsletter to get new content each month.

NOTICE: YOU ARE LEAVING F&M TRUST!

You are now leaving the F&M Trust website. Links to third-party sites are provided for your convenience. Such sites are not within our control and may not follow the same privacy, security or accessibility standards as ours. F&M Trust neither endorses nor guarantees offerings of the third-party providers, nor is F&M Trust responsible for the security, content or availability of third-party sites, their partners or advertisers.