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10 Reasons to Start a Trust


2
Help Managing Your Affairs
Many people set up trusts to manage their assets if they become ill or disabled.
Many people set up trusts to manage their assets if they become ill or disabled.
©iStockphoto.com/DNY59

Trusts can help you manage your affairs if you become unable to do so. Many people set up trusts to prepare for the possibility that they may become disabled or ill before their death, and thus unable to manage their assets properly. To obtain this protection, you need to set up a revocable living trust and name a trustee who will manage it. The trustee can take over managing, not only your affairs, but also those of any beneficiaries you've been providing for. Having a living trust and choosing your own trustee avoids a situation where the courts must appoint someone to manage your assets for you. In addition to taking away control of your affairs, a court-appointed guardianship can involve extensive paperwork, delays and other complications.