The nice thing about estate planning is that you can customize it to suit your every want, need, and personal requirement. If there’s something in particular you want to do, there’s a good chance you can figure out a way to make it happen.
For many people, the creation of a trust is of utmost importance. This allows them to get almost everything they want out of estate planning. Here are a few reasons why you may want to look into this in the near future:
- It avoids probate: This is one of the top reasons to create a trust, as you can ensure that the assets held within it are not subject to probate. Conversely, if you only rely on a will, everything you own will go through the probate process upon your death. This may be time consuming, costly, and stressful on your family.
- It provides a high level of privacy: It’s easy to overlook the fact that a will is public record. This means that all transactions associated it will become public upon your death. If you’re concerned about privacy, you need to create a trust. It’s not made public upon your death, so your estate is distributed 100 percent in private.
- Helps with incapacity planning: You don’t think it can happen to you, but there may come a point in your life when you’re unable to make decisions as the result of an illness or injury. A living trust is created with the idea that your trustee can take over and make key decisions should you be unable to do so.
These are far from the only reasons to create a trust, but they’re a good place to start. As you begin to understand the many benefits, it could become clear that you need to add a trust to your estate plan.
If that time comes, contact us to learn more about why to create a trust, how to create a trust, and the steps you can take to ensure that it’s perfect for you and your family.