hi this is Jennifer Obby and you are listening to personal finance quick tips on the naked wealth podcast you may be asking yourself should I set up a trust or perhaps you've been to a seminar where they scared the life out of you and convinced you to start one and you're wondering if you actually need one let's take a moment to demystify this murky but very important area what is a trust a trust is a legal Arrangement that gives control of assets to a person or an institution the trustee for the benefit of others such as children trusts can save on taxes ease inheritance squabbles and ensure that your beneficiaries are treated fairly and according to your wishes there are many types of trust and they all have a different purpose some reasons you may use a trust would be to minimize inheritance taxes avoid probate keep your family finances private provide for a disabled family member provide for a child in a second marriage situation or give to a charity as you can see there are many reasons to use a trust it's important to consult with your professional team of financial advisers a state planning attorneys an accountant in order to determine what path is in your best interest in both the long and the short term it will also be important to maintain an ongoing relationship with these professionals as changes happen in your life as well as to tax law or other laws that may necessitate updates to your plan to learn more about estate planning visit my [Music] website you've been listening to personal finance quick tips on the naked wealth podcast please visit our website at ww. lpl.com or click the link in the description below my book naked wealth is also available on Amazon click the link in the description for more info and don't forget to like and subscribe for more of the naked wealth podcast thank you for listening