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October 2025 Issue 7
October 2025 Issue 7
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At West Egg Wealth, we talk often about health, wealth, and legacy — not just what you build in your lifetime, but what endures beyond it. While many people think a simple will is enough to take care of their loved ones, there’s a deeper, more strategic tool that ensures your wishes are carried out with precision and privacy: a trust.
Welcome to Issue 7 of Wealth Wisdom!
🏛️ Trust: The Foundation of Your Financial Legacy
🏛️ Trust: The Foundation of Your Financial Legacy
Introduction
What Is a Trust?
How a Trust Differs from a Will
The Benefits of a Will
The Benefits of a Trust
Types of Trusts
How to Set Up a Trust
Managing and Maintaining a Trust
The West Egg Perspective
Final Thought
Introduction
Introduction
At West Egg Wealth, we talk often about health, wealth, and legacy — not just what you build in your lifetime, but what endures beyond it. While many people think a simple will is enough to take care of their loved ones, there’s a deeper, more strategic tool that ensures your wishes are carried out with precision and privacy: a trust.
For many families, a trust isn’t just a financial instrument — it’s an act of love. It’s a way to protect what you’ve built, reduce confusion, and provide clarity for those you care about most.
Let’s explore what a trust is, how it differs from a will, and how to set one up properly so your legacy stands on solid ground.
🌳 What Is a Trust?
🌳 What Is a Trust?
A trust is a legal arrangement that allows one person (the trustee) to hold and manage assets on behalf of another (the beneficiary). The person creating the trust is the grantor or settlor.
Think of it as a financial “container” you build during your lifetime. Into this container, you place your assets — your home, savings, investments, or business — and you outline exactly how and when those assets should be distributed.
Unlike a will, a trust can take effect while you’re still alive and continue after your death. This makes it a dynamic tool for managing wealth both now and in the future.
⚖️ How a Trust Differs from a Will
⚖️ How a Trust Differs from a Will
Most people are familiar with a will, which is a written document detailing how you’d like your property distributed after you pass away. A will goes through probate, which is the legal process of validating the document and distributing assets according to your instructions.
A trust, by contrast, often allows your estate to bypass probate entirely. Because the assets are already owned by the trust, they can be transferred directly to beneficiaries without court intervention.
Both serve an important role, but the differences matter depending on your goals.
🪶 The Benefits of a Will
🪶 The Benefits of a Will
A will is simple, familiar, and effective for many households. Its key advantages include:
Clarity and direction: It specifies who receives what, from major assets to sentimental keepsakes.
Guardianship: A will allows parents to name a guardian for minor children.
Affordability: Drafting a basic will is less expensive and faster than creating a trust.
Flexibility: You can amend or replace a will easily as your life evolves.
However, the will’s greatest weakness is the probate process, which can delay distributions for months or even years.
Probate also incurs fees and makes your estate a matter of public record — something many families prefer to avoid.
🔒 The Benefits of a Trust
🔒 The Benefits of a Trust
A trust offers a higher level of control, protection, and privacy. Though it may take more effort to establish, its long-term benefits can far outweigh the upfront costs.
Key benefits include:
Avoiding probate: Your beneficiaries receive assets faster and with fewer legal fees.
Privacy: A trust’s details remain private — no public record is required.
Control: You can dictate when and how assets are distributed — for example, releasing funds gradually or at specific ages.
Protection: Trusts can shield assets from creditors, lawsuits, or irresponsible spending by beneficiaries.
Incapacity planning: If you become unable to manage your affairs, your trustee can step in immediately without court intervention.
For families with property, business assets, or investments, a revocable living trust often becomes the preferred tool — blending flexibility during life with seamless transition at death.
🧩 Types of Trusts
🧩 Types of Trusts
There are many varieties of trusts, but here are the most common for estate planning:
Revocable Living Trust: Retain control over your assets while alive; becomes irrevocable at death.
Irrevocable Trust: Cannot easily be changed but provides greater protection from taxes and creditors.
Testamentary Trust: Created through a will and activated after death.
Charitable Trust: Supports a cause you care about while offering tax advantages.
Special Needs Trust: Provides financial support for a dependent with disabilities without affecting government benefits.
The right trust depends on your assets, goals, and the level of control you wish to maintain.
🧾 How to Set Up a Trust
🧾 How to Set Up a Trust
Creating a trust involves several steps, but each is straightforward when guided by an experienced professional.
Step 1: Define Your Goals
Clarify what you want the trust to achieve — privacy, protection, control, or charitable giving.
Step 2: Choose the Type of Trust
Consult with a qualified estate-planning attorney or financial advisor to select the structure that best fits your needs.
Step 3: Select a Trustee
Choose someone responsible and trustworthy to manage the trust’s assets — whether a family member, friend, or professional fiduciary.
Step 4: Draft the Trust Document
Your attorney formalizes your instructions into a legally binding agreement, detailing beneficiaries and distribution rules.
Step 5: Fund the Trust
Transfer ownership of assets — real estate, accounts, investments, or insurance policies — into the trust’s name.
Step 6: Review and Update Regularly
Revisit your trust after major life events (marriage, births, property sales) to keep it aligned with your goals.
🧭 Managing and Maintaining a Trust
🧭 Managing and Maintaining a Trust
A trust requires ongoing care to remain effective.
Keep accurate records: Document all asset transfers and distributions.
File taxes properly: Some trusts require their own tax filings.
Communicate with beneficiaries: Transparency helps avoid confusion or conflict.
Seek professional guidance: Regular check-ins with your financial planner, tax advisor, and attorney ensure compliance and performance.
Managing a trust is much like maintaining a well-built home — it requires attention, but it gives peace of mind knowing the foundation is strong.
💡 The West Egg Perspective
💡 The West Egg Perspective
Creating a trust isn’t just about money — it’s about intentional living. It says: I’ve worked hard, and I want what I’ve built to continue serving the people and causes I love.
Whether you’re just beginning your estate plan or refining it, consider how a trust might fit into your legacy strategy.
At West Egg Wealth, we believe your financial plan should reflect your values, not just your balance sheet — guiding your family with wisdom, dignity, and foresight.
🧭 Final Thought
🧭 Final Thought
✨ A will tells the world your wishes.
A trust makes sure they actually happen.
Bonus Material
Bonus Material
Estate planning might not be at the top of your list of things to do, but it's an essential step in ensuring that your assets are distributed according to your wishes. Having a will is crucial, regardless of your marital status or whether you have children.
A will provides a clear, legal framework for what happens to your property after you die. Without a will, the distribution of your assets is left to the state's laws, which might not align with your intentions. In this blog, we'll explore why it's essential to have a will and the risks of dying without one.
If you’re new to West Egg Wealth, be sure to click on our Getting Started icon. There, you’ll find downloadable materials, free guides, and practical tools designed to help you build stronger financial habits and gain confidence with your money. It’s the perfect place to begin moving toward better financial health and long-term stability.
If you have any questions, thoughts, or comments you'd like to share, I'm always happy to hear from you - just send a message to info@westeggliving.com
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Thank you for joining us for this edition of Wealth Wisdom! We hope you found valuable insights and encouragement as you take steps toward a stronger financial future. It’s an honor to walk alongside you as you grow in financial knowledge, confidence, and peace of mind. Remember, you’re not alone on this journey—and we’re here to support you every step of the way.
Stay tuned for next month's issue packed with more tips, insights, and motivation. Until then, be kind to yourself and keep moving forward — you’ve got this!
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I love the video on this one.
I will try dinking water every hourr like I am trying to go 250 steps each hour.. Encouraging idea.
This is great information. I love the new layout. I cannot wait for the next edition!!!
Thanks Riaan.
Great article!