You work hard for your money and want to ensure that your wealth distribution goes according to your wishes upon death. Many people don't understand the difference between wills and trusts and how a trust can benefit the administration of your estate. Don’t be one of them! Take control of your wealth distribution by understanding the benefits of a trust.
5 Benefits of a Living Trust
There are many benefits to a living trust, including these five:
1. Avoiding the public, costly and time-consuming court process at death (probate);
2. Avoiding the same regarding incapacity (conservatorship);
3. Providing for spouses without disinheriting children;
4. Saving estate taxes in some cases; and
5. Protecting inheritances for children and grandchildren from the courts, creditors, spouses, divorce proceedings, and irresponsible spending.
There are many types of assets which can be funded into your trust, such as real estate, bank accounts, investment accounts, and intellectual property rights. Others might include:
· Notes payable to you;
· Life insurance – if you don’t have an irrevocable life insurance trust;
· Business interests;
· Oil and gas interests; and
· Personal effects – artwork, jewelry, collectibles, antiques
It’s important to work closely with your estate planning attorney to make certain that all of your assets are distributed according to your wishes, and done so with the least amount of cost and delay.
Contact Deeney Law Firm today for more information about wills, trusts, and other financial planning issues and let us help you decide what’s best for your situation!