Trust and Estate Planning Services
When you have assets, a big goal in financial planning is to ensure they are available and accessible to your heirs upon your passing. At Vector, we’ll help you consider estate planning services early in your life–before you need them. Estate planning and trusts are an important component in protecting your assets.
A family trust can be a valuable estate planning tool, but many people are concerned about what’s involved, which can prevent them from taking action. We believe that you shouldn’t have to manage your trust alone. Many families turn to professionals who offer trust administration services. Finding the right professional to manage a family trust is something that the advisors at Vector can help you with, ensuring your assets are preserved for future generations.
Trust Administration Services
A trust can be administered by the maker, a family member, or by a professional trust administrator. Trust administrators manage a trust while the maker is alive or upon their death and ensure the trust assets are distributed in accordance with the terms of the trust and local state laws.
Remember that most trust documents can be modified as your circumstances change. Your team at Vector is prepared to help you draft your initial family trust based on your current needs and change it when circumstances change.
Estate Planning Services
Every person has different needs for estate planning. We understand a customized plan must be tailored to meet your needs and goals. Estate plans can be simple or complex depending on several factors, including:
Family structure: Today, there are more blended families than at nearly any point in the past. A well-thought-out estate plan considers this.
Assets owned by principal —while a simple estate may be sufficient for many people, the more complex your estate, the more complex a plan may be required.
A desire for privacy — many people are unaware that a will requires probate. This process is public. If you have a trust, the process is private.
Tax implications—A properly executed estate plan considers current tax policy and can help minimize tax liabilities.
Vector Wealth is committed to working with attorneys and other estate planning professionals to ensure your plan is properly structured. A solid estate plan will help protect your assets, reduce taxes, and honor your wishes. You should also provide clear instructions for managing and distributing your assets upon your passing. This provides peace of mind for your loved ones and avoids uncertainty after you are gone.
Families are often concerned that once an estate plan is in place, they are initially bound by the terms laid out. This is a misunderstanding of how estate planning works. Remember, an estate plan put in place when you are 40 and working will likely differ from one you need when you are in or facing retirement. Estate plans can be changed as your life circumstances change.
Wealth Preservation and Protection
The primary idea behind estate planning is preserving and protecting assets for your heirs. An element of preservation is taking legal steps to shield those assets from potential risks and liabilities. A firm that works exclusively on trust and estate planning can help with all these things and ensure a smooth transition of assets to your heirs.
Wealth preservation and protection require a proactive and comprehensive approach involving careful planning, diversification, insurance, tax strategies, legal structures, and ongoing review. Working with professionals can help protect and preserve your wealth for future generations.
Ensure Your Assets are Protected with Vector Wealth Management
Vector Wealth Management is a trusted partner for managing and growing your investments. We are a fee-based company, and we take our responsibility to every client seriously. Contact us today to take the first step to understanding the services provided by Vector Wealth Management and our trusted network of professionals.
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