KENNEWICK, Wash.- Wealth Management Specialist, Michael Pettyjohn with the Banker Boyer Bank in Kennewick, spoke to a crowded room Wednesday evening at the Tri-Cities Cancer Center to inform people about living trusts and leaving behind a legacy.
The specialist says a trust is a tool to manage a persons assets during a lifetime and then at death, passing those assets on to their heirs.
You don't have to be wealthy to start a trust account, Pettyjohn says assets can include cars, homes, cash and basically most objects.
However, there are fees associated with a trust. "Everybody whose creating a plan has to pay some expense. And depending on how elaborate that plan is will determine how expensive it is. But it's a lot more costly to not have the plan at all than to pay a little bit to get one established," said Pettyjohn.
He says Trust accounts can also see financial gains more so than a savings account. However, he says those without substantial assets, trusts can be a waste of money.
Pettyjohn says most living trusts can be terminated or adjusted at anytime by the trustee.