SPECIAL REPORT: Trusts and Pivotal Inheritance Must-Knows

Six Benefits of Setting Up a Trust for Your Assets | Nine Lessons to Be Learned From the Hilton Family Trust Contest | How to Choose Your Trustee or Executor of Your Will Created for {EMAIL} | [Web Version]( May 3, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Youtube]( [Instagram]( Kiplinger Today [SIGN UP]( ⋅ [SHARE]( [] Top Story [] [Six Benefits of Setting Up a Trust for Your Assets]( [Six Benefits of Setting Up a Trust for Your Assets]( (Getty Images) Most are focused on building up wealth for their lifetime, but what happens to those assets when you’re gone? While many opt to cement their legacy in wills, a trust may be the better choice for you. [These are just some of the benefits of putting your assets into a trust](. [] Trusts [] [Nine Lessons to Be Learned From the Hilton Family Trust Contest]( [Nine Lessons to Be Learned From the Hilton Family Trust Contest]( Barron Hilton and his wife, Marilyn, at the opening of a new hotel in 1960. (Getty Images) Although most individuals do not possess a family trust as extensive as that of the late hotel tycoon Barron Hilton, there are valuable insights to be gleaned from how his assets were handled after his passing. Some of these include the importance of effective family communication, creating post-marital agreements, and other estate planning strategies, writes estate attorney John Goralka. [Keep these tips in mind as you plan your own estate](. [Top 5 Wealth Management Firms in the US]( If you're looking for help with wealth management, retirement, or tax planning, finding the top financial advisor in the United States means choosing between thousands of options. Check out the list of top 5 firms in the US for individual investors. [See the list]( ADVERTISEMENT [] Retirement [] [How to Choose Your Trustee or Executor of Your Will]( [How to Choose Your Trustee or Executor of Your Will]( (Getty Images) It’s imperative you choose the right person to take control of your financial affairs when you no longer can, whether that’s managing your trust or executing your will. So, how do you choose? [Learn more about the duties involved and the qualities needed](. [] Financial Planning [] [What to Consider When Deciding Between a Revocable and Irrevocable Trust]( [What to Consider When Deciding Between a Revocable and Irrevocable Trust]( (Getty Images) There are two basic kinds of trusts: a revocable trust and an irrevocable trust. With each choice, you have a different amount of control over the trust while still living, as well as different financial benefits. [Here’s what you need to select the right one for you](. [] Personal Finance [] [Resist the Taboo: Talk to Your Kids About Family Wealth]( Chances are, your trust will benefit your children in some way. It may be difficult, but it is important to discuss inheritances with them, especially to prepare them to become stewards of the family’s financial legacy. Consider these talking points detailed by wealth education specialist Charline Burgess to make it an easier conversation. [Read More]( [Are Financial Advisor Fees Tax-Deductible?]( Working with a financial advisor can be an effective way to invest and plan for retirement. This professional could help you strategize and determine if you're on track to meet your financial goals. But did you know their fees may be negotiable? [Learn more]( ADVERTISEMENT [] Estate Planning [] [All About Designating Beneficiaries in Estate Planning]( Attorney Patrick M. Simasko points out that carefully choosing your beneficiaries -- and updating that info as your life changes, such as after a divorce -- is crucial when planning your estate. [Read More]( ABOUT KIPLINGER When we write about money, we get it right. So the decisions you make with your dollars are also right. Kiplinger is a trusted provider of unbiased financial advice, objective business and economic forecasts, and practical help to millions of business professionals, investors, and individuals seeking to make more profitable decisions with their money. Our [flagship publications]( include [Kiplinger Personal Finance]( magazine, [The Kiplinger Letter]( [The Kiplinger Tax Letter]( [Kiplinger Retirement Report]( and [Kiplinger Investing for Income.]( All are regarded as the leading publications in their respective fields. 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