Having a trust isn’t only for the rich and famous. A trust can help you manage your assets while living as well as avoid probate upon your death. There are many financial and privacy benefits associated with trusts. Read on to learn about the many reasons to have a trust.

What is a Trust?

A trust is a legal document that specifies how your assets will be used while alive and upon your death. A revocable living trust is under your control and can be changed at any time. Upon your death, it becomes irrevocable and can no longer be modified. Your beneficiaries will receive your assets as instructed by the trust.

When you create a trust, you pass ownership of the trust property to the trust during your lifetime, and you have legal ownership of the trust. The ownership can then easily passes to your designated trust beneficiaries upon your death. On the contrary, with a will, you keep legal ownership of your assets during your lifetime. Upon your death, your property may require probate.

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Reasons to Have a Trust

There are many reasons to have a trust. The following are our top four benefits and reasons to have a trust:

1. Trusts Save Money

One of the number one reasons to have a trust is to save the estate money. While setting up a trust may seem more expensive than creating a will, overall, the trust will cost your estate much less when it comes to distributing assets upon your death. Wills must go through probate which can be a costly and lengthy process. If you plan to leave significant assets to your family or friends, you should considee creating a trust.

2. Trusts Save Time

There are many reasons people set up a trust. Not only is the probate of a will costly, it also takes time. It can easily take months and sometimes years to fully settle an estate through probate. One important reason people set up a trust is that if a person becomes incapacitated or pass away, whoever they designate as their successor trustee will take control of their estate with little to no court oversight. Trusts are usually administered within just a few months from the time of death.

3. Trusts Maintain Control

You do not lose control of your assets when you put them into a trust. In fact, with a trust, you can easily keep control of your assets even after death. To do so, you must specifically state what you want to have happen with your assets upon death and appoint a family member or friend to administer your trust assets as instructed.

4. Trusts Protect Against Creditors

With a will, you need to file a public notice of death to allow creditors the opportunity to file a claim for monies owed against your estate. However, the administration of a trust does not require public notice. Certain trusts offer protection against creditors and limit their reach in regards to trust assets.

When an asset within a trust is transferred to a beneficiary, the beneficiary may also get protection against creditors so long as the assets stay in the trust.

Contact A People’s Choice for more information on how to prepare a trust. There are a multitude of reasons to have a trust – from saving money to avoiding probate. Call us at 800-747-2780 for further information.

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