If you’re new to the estate planning process you may know that trusts are one component of an estate plan that you can choose to create, but you may not know what exactly the benefits of a trust are. A trust can strengthen your estate plan and secure your assets, but how?
What Is A Trust?
A trust is an estate planning tool that helps you manage your assets and property during your life so they are easily distributed after death. There are several different types of trusts you can create, all of which are designed to set up a smooth transition. Trusts can provide you and your loved ones a variety of benefits in your estate plan.
What Does A Trust Do?
There are several benefits you and your loved ones can gain from creating a trust. The main is that you can control your assets and where they go after you die, it is a way to manage the distribution of your property while you’re alive. A trust can even protect these assets from creditors, even out of state. Most importantly, a trust can help your loved ones avoid probate by transferring the assets before death, allowing them to save the extensive time and money typically involved in probate. Trusts protect your assets and help your beneficiaries save more of their inheritances.
Creating a trust has invaluable benefits to you and your beneficiaries. It’s worth talking about with your estate planning attorney in order to secure and control your assets. An attorney can give you more information about trusts and help advise you while creating your plan.
