Why Do I Need a Trust?
“Why do I need a trust?” It’s a valid question and one we hear rather frequently at our probate and estate planning law firm. If you already have a will or are planning to get one, you may be wondering if or why a trust is necessary and how you can get started with planning your estate.
As your estate planning resource, we’ve outlined the benefits of creating a professionally drafted trust, along with the key differences between a trust and a will.
What is a Trust?
A trust is a comprehensive plan that details how your assets will be distributed at the time of your passing or should you become incapacitated. In situations where you aren’t able to make decisions for yourself or your family, trusts are used to help minimize the costs and confusion. They can be created at any time and are an important part of maintaining control over your estate.
Trusts allow you to not only determine who receives which assets, but how they receive it and when. For example, should you decide to leave an inheritance behind for your child, you can choose to specify that they can only receive it after turning 21 years of age.
What Are the Benefits of Creating a Trust?
There are several benefits to drafting a trust with one of our experienced estate attorneys, from saving you money to protecting the financial well-being of your loved ones and so much more. A few of these benefits are listed below.
Benefits of Creating a Trust
Specific estate plan in case of death or incapacitation
Avoid time-consuming and costly probate procedures
Preserve your assets for children or minors
Protect your assets from poor financial decision-makers
Transfer real property to a child or loved one
Reduce the taxes that may be charged to your estate
Preserve your assets for special needs individuals
Protect your assets from the divorce of a beneficiary
Trusts allow you to be specific in how, or when an asset can be used. When professionally drafted by an experienced lawyer, you can rest assured your family will have everything they need.
Why Can’t I Just Get a Will?
While wills are certainly helpful, they aren’t necessarily the best option for every family or every state. Wills are excellent beginning steps. However, wills alone do not lay out a plan for all the things life may throw at your family.
In addition to their lack of specificity, in many states, wills are public documents. This can leave them open to disputes or even public scrutiny. For greater privacy and control over your assets, will and trust packages are the most proactive option.
To begin planning your estate at our Arizona or southern California offices, contact the law offices of Rilus Law. Our qualified probate and estate attorneys are always available and can help you decide what’s best for you. Click here to call (480) 924-4424 and schedule a free consultation.