There are many ways to approach estate planning, with a growing number of people considering the benefits of creating a trust.
Once you’re familiar with the benefits of a trust, you may come to realize that it’s the perfect addition to your estate plan.
Tip: trusts aren’t just for the “rich and famous.” Anyone can create a trust to take advantage of the many benefits that it provides.
- Assets in a Trust Avoid Probate
Assets housed in a trust are not subject to probate, which allows them to be passed down to your beneficiaries in a fast and efficient manner — without any additional expenses.
Conversely, a will does not provide this same type of protection. Instead, your assets are subject to probate.
- Privacy Protection Upon Your Passing
A will is public record, meaning that anyone with an interest can view it upon your death. There’s no privacy protection. This has the potential to cause a variety of issues, such as those that occur if a loved one feels slighted.
A trust provides privacy protection, thus giving you peace of mind. If you don’t want anyone and everyone to have access to your will, a trust is the best option.
- Incapacity
Who will care for your assets if you’re incapacitated? Who will make critical medical, personal, and financial decisions on your behalf?
A comprehensive incapacity plan is beneficial to both you and your loved ones. A trust can be a big part of this, as it gives your trustee the ability to step in in the event that you’re incapacitated and unable to manage your affairs.
For assistance with all things related to creating a trust, visit the website for McGee Law Firm at mcgeelawdfw.com/ or by calling our office at (817) 899-3286.
