4 Indisputable Advantages of a Trust
When it comes to wills versus trusts, a lot of people are unsure of what to get. Both have their benefits and disadvantages. If you’re considering a trust, however, you may want to pay attention to these top four benefits.
Avoid Going Through Probate
This is probably one of the top reasons that a person chooses to establish a trust. Most people want their loved ones to avoid the hassle of probate. Probate is slow. In addition to the time that it takes for your beneficiaries to receive their assets, it is also more expensive than having a trust. It can take them one to two years to process the will and on top of it, it isn’t free.
Avoid Contesting Wills
When you have a trust, you can worry less about your loved ones fighting over inheritances. When you have a will, sometimes you’ll have certain family members that will argue over what they deserved. They may even try to contest the will in court. Now, trusts can be contested, but it is a lot more difficult for a person to challenge a trust.
Paying for Education
What if you want to make sure that your kids or grandkids have their education covered? You don’t want to offer them a lump sum of money because you can’t be sure that they are going to use it on their education. After all, a lot of young people don’t have the maturity to make important decisions with money. This is where a trust comes in. You can set up an education trust so that the trust pays for your child or grandchild’s education expenses.
Giving to Charity
If charity is important to you, you can always set up a trust that will pay into a charity of your choice. After you pass, you still may want to give assets or money to the charities that you cared about. When you establish a trust, this is a great way to make sure that those organizations receive the assets that you want to give them.
When it comes to an estate plan, there are several vehicles that you can utilize. Wills and trusts are the most common. If you are considering a trust, there are a lot of benefits over that of a will. Some even choose to have both. To find out how a trust could benefit you, talk to a lawyer, like an estate planning lawyer from Patterson Bray, as soon as possible.
