Many people believe that once they have a will in place, their estate plan is complete. In reality, a will and a trust serve very different purposes and for many families, having both can be an effective way to protect loved ones and preserve wealth. Read on to learn why trusts have become an important part of modern estate planning and how JL Bainbridge can help.
If You Have a Will, You’re Off to a Great Start. But It May Not Be Enough.
One of the most common questions we hear is: “Do I really need a trust if I already have a will?” For many families, the answer is yes.
A will is an essential estate planning document. It outlines your wishes, names guardians for minor children, and directs how your assets should ultimately be distributed. However, a will generally goes through probate – a public legal process that can take time and create additional costs for your family.
A trust serves a different purpose. It helps manage and protect assets during your lifetime and after your passing, often allowing assets to transfer more efficiently while providing ongoing guidance for future generations.
The two documents are designed to work together, not replace one another.
A Trust Is About More Than Passing on Wealth
Many people assume trusts are only for ultra-wealthy families. Today, trusts have become an important planning tool for anyone who wants to simplify the administration of their estate, protect loved ones, and ensure their wishes are carried out.
A thoughtfully designed trust can help:
- Protect assets for future generations
- Provide continuity if you become incapacitated
- Help avoid unnecessary probate delays
- Simplify the administration of your estate
- Create clear instructions for beneficiaries
- Provide privacy that a will alone cannot
Just as importantly, a trust helps answer an important question: Who will manage everything when I’m no longer able to?
Choosing the Right Trustee Matters
Creating a trust is only part of the process. Selecting the right trustee may be the one of the most important decisions you make.
A trustee is responsible for managing and administering the trust according to your wishes. That responsibility includes protecting assets, making distributions, maintaining records, filing tax documents, communicating with beneficiaries, and carrying out the instructions you’ve established. As outlined in our Trust Services guide, the role requires objectivity, sound judgment, and significant administrative responsibility.
While many people naturally consider naming a family member or close friend, serving as trustee can place a significant burden on loved ones, particularly during an already emotional time.
A Modern Approach to Trust Services
At JL Bainbridge, we’ve expanded our trust services through our relationship with National Advisors Trust to offer clients a more flexible and coordinated approach to trust management. Unlike more traditional trust structures, our approach allows each professional to focus on what they do best.
A Modern Approach to Trust Services
At JL Bainbridge, we’ve expanded our trust services through our relationship with National Advisors Trust to offer clients a more flexible and coordinated approach to trust management. Unlike more traditional trust structures, our approach allows each professional to focus on what they do best.
How We Work Together
National Advisors Trust serves as an unaffiliated and independent corporate trustee who can handle trust administration and fiduciary responsibilities, while JL Bainbridge continues managing the investment portfolio and serving as your family’s wealth advisor. Throughout the process, you and your beneficiaries remain at the center of every decision through a collaborative relationship between all parties. The “How We Work Together” framework above illustrates this partnership, placing individuals and families at the heart of the relationship while National Advisors Trust and JL Bainbridge work together to provide coordinated service and support.
This structure offers several important benefits:
- Professional, impartial trust administration
- Continuity across generations
- Ongoing investment management by the JL Bainbridge team you already know
- Reduced administrative burden for family members
- Greater flexibility and coordinated decision-making
- Protection against “successor trustee risk,” should an individual trustee become unable to serve
Our goal is simple: to help you make trust planning more personal, practical, and centered around your family’s long-term goals.
Estate Planning Is About More Than Documents
Your estate plan should do more than distribute assets – it should aim to protect your family, preserve your wishes, and provide confidence for the future.
Whether you’re creating an estate plan for the first time or reviewing one you’ve had for years, it’s worth asking whether your current plan still reflects your goals, family dynamics, and the legacy you hope to leave.
Ready to Review Your Estate Plan?
If you have a will but aren’t sure whether a trust should also be part of your plan, or if you’d like to better understand today’s trust options, we’re here to help.
Contact your JL Bainbridge advisor to learn more about our Trust Services and how we work alongside National Advisors Trust to help protect your family’s wealth today and for generations to come.
Disclosure
National Advisors Trust is not affiliated with JL Bainbridge. JL Bainbridge does not receive compensation from National Advisers Trust for referring clients to the service. Clients are not required to use any third-party service provider introduced or referred to by JL Bainbridge and may select any professional of their choice. Any fees charged by third-party service providers for trust services are separate from JL Bainbridge advisory fees and are the responsibility of the client.
Any views and opinions expressed in this article are those of JL Bainbridge and are subject to change and reflect our judgment as of the publication date. This content is for general educational purposes only and should not be considered personalized investment advice. Specific recommendations and Investment advice are provided only to clients pursuant to a to a written advisory agreement.
JL Bainbridge is a registered investment adviser. Registration with the SEC does not imply any level of skill or training. JL Bainbridge is not a broker-dealer and does not offer tax or legal advice. Please consult your tax or legal professional for assistance regarding your individual situation. For more information about our firm and our investment adviser representatives, please review our ADV part 2A Disclosure Brochure, Privacy Notice, and Relationship Summary (Form CRS) at www.jlbainbridge.com or reference the SEC website for more information on the firm and its advisers at: https://adviserinfo.sec.gov/firm/summary/108058.
Investing involves risk, including the potential loss of principal. Market conditions and events can cause stock prices to fluctuate rapidly and unpredictably. Past performance is not indicative of future results. BLG26