Mark Kohler explains why everyone needs a trust, not just the wealthy. Without a plan, the state decides where your assets go. Trusts give you control over distribution, but watch out for dead-hand control, where overly restrictive rules keep harming your family long after you're gone.
It doesn't matter if you're rich or poor, you're going to have stuff. And a trust is the way to make sure it goes where you want. Now, if you don't have a plan or there's a plan for you, the state has a plan for you, the government's going to say where your stuff goes, you don't want that plan. That's not a good plan. So a lot of people set up a trust. It's better than a will. And a trust lets you dictate so many little bells and whistles and strategies. They call it dead hand control. Because you can just screw up your family from the grave. You can just. Your hand just comes out of the coffin and just. It's called dead hand control. You're just going to continue to mess with your family and your beneficiaries lives with your money. It's wonderful.
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