Advantages Of Having A Trust Over A Will
Here are a few of the advantages of planning your estate with a trust rather than a will:
- A trust is a completely private document, and if the trust is fully funded, a probate estate is unnecessary, which allows the administration of your trust to be totally private and family controlled.
- Since probate is unnecessary with a fully funded trust, there is no court involvement in the administration of your trust after your death.
- A trust allows you to control your estate while you are alive and after your death through your successor trustees.
- Distributions to minor children can be protected by holding the distributions in trust for them until they reach a certain age.
- If a trustee becomes incapacitated or incompetent, a competency clause included in the trust allows you to appoint who you want to serve as a guardian or conservator if it becomes necessary.
- A trust can include provisions for a child with a disability or a child who has problems with money management.
- A trust can be administered much faster than an estate that has to be probated, speeding up the distributions to your heirs.
- You can limit or avoid federal estate taxes and capital gains taxes.
- If you own property in more than one state, an ancillary probate proceeding is unnecessary as long as the property is titled in your name as trustee of your trust.
- A guardian for minor children can be appointed avoiding any court involvement at your death.
With more than 50 years of estate planning experience, the attorneys of Richardson & Richardson, LLLP, can craft trusts to meet your goals.