Maybe you’re on the fence as to whether or not you should create a trust. Or perhaps you’ve put this off in the past because you already have a will.
While a trust isn’t the right estate planning solution for everyone, its many benefits are something you should closely consider.
Here are just a few reasons why you should consider this estate planning tool:
- No probate: Assets housed in a trust are not subject to probate, which allows them to be passed to your beneficiary in a more efficient and timely manner. Furthermore, it allows your estate to avoid the costs typically associated with probate.
- Privacy: Did you know that a Will is public record? This means that anyone who wants to review your Will has the power to do so after your death. If that scares you, a trust is the better option. This allows you to keep your affairs private, even after your passing.
- More control: You can add terms and conditions to your trust to allow you to maintain some level of control after your death. For example, if you don’t want your children to receive their inheritance until they reach a certain age or milestone, you can stipulate that in your estate plan.
These aren’t the only reasons to consider a trust, but they’re among the most powerful. If you decide to go down this path, you’ll soon come across many other benefits that pertain specifically to you and your estate planning goals.
Final thought: don’t shy away from creating a trust because of the cost. Yes, it costs more upfront to create a trust, but it’s well worth it when you consider what you get in return.
If you have questions about creating a trust, contact us to learn more about the process and our services.
- Trustee: an Honor and a Responsibility - October 14, 2021
- How to Provide For Your Children After You’re Gone - October 13, 2021
- Changing “Irrevocable” Trusts Through Judicial and Nonjudicial Modification - October 12, 2021