TRUSTS AND WILLS
Living Trusts and Wills
One of the most important reasons to have a trust, is that if you become incapacitated and can no longer make financial or medical decisions for yourself, creating a trust will save your loved ones thousands of dollars and time petitioning the court to obtain a conservatorship.
Having a trust allows you to have control over the distribution of your assets after you pass away.
Unlike a will, which only goes into effect after your death and is subject to probate court proceedings, a trust can be established during your lifetime and allows you to transfer ownership of your assets to the trust.
By doing so, you can ensure that your assets are distributed according to your wishes and avoid the time-consuming and costly probate process. Additionally, a trust can provide you with greater flexibility in terms of how your assets are distributed, as you can specify how and when your beneficiaries will receive their inheritance.
Another benefit of a trust is that it can provide tax advantages, depending on the type of trust you establish and the size of your estate. Certain types of trusts, such as irrevocable trusts, can help you minimize estate taxes and protect your assets from creditors and other legal claims.
Finally, a trust can provide added privacy, as the terms of the trust are not a matter of public record like a will would be. This can be particularly important for individuals who wish to keep the details of their estate plan private.
Overall, a trust can provide a range of benefits for individuals who are looking to plan for their future and ensure that their assets are protected and distributed according to their wishes.