5 Advantages of a Trust over a Will
We sometimes hear people say “I only want a Will” … BUT you should know the 5 advantages of a Revocable Trust. Let’s say you have decided how you would like to provide for your loved ones after your lifetime. Now, you need to decide on which estate planning documents to use to solidify and craft your plan. This article will outline the 5 basic advantages of a Trust over a Will.
Advantages of Revocable Trust During Your Lifetime
- A Trust does a better job during your lifetime of protecting you against potential financial exploitation. Unlike a Will, a Trust is in effect both during your lifetime and thereafter. If you were ever unable to manage financial matters (e.g., dementia, brain injury, other cognitive or physical limitations), the competent person or entity you designate as Successor Trustee will then be able to assume exclusive authority to manage the trust assets for your benefit.
- Financial institutions and title agencies typically work more cooperatively with a Successor Trustee in managing your accounts and property during your incapacity than working with an Agent under financial power of attorney. If your goal is to make things as easy as possible for your helpers, a Trust is the preferred estate planning vehicle. Note, you will still have a financial power of attorney as part of the suite of estate planning documents which comprise your estate plan.
Advantages of Revocable Trust After Your Lifetime
- Assets titled to Trust do not go through probate Court – saving time, money, and stress for your family and beneficiaries.
- Trust ensures your financial information and final wishes remain private.
- Trust allows you to stretch out distributions to beneficiaries over time and protect your heirs against creditors or provide for their special needs.
In most instances, a Trust is preferred over a typical Last Will and Testament. However, a Trust is only part of a complete estate plan. With a Trust, you will still have a Will commonly referred to as a “pour-over Will” along with a financial power of attorney and suite of medical directives. Lastly, it is critical that your trust is properly “funded”.
Whether you are considering establishing your estate plan or would like a review of an existing estate plan, we are here to help you craft or update your unique estate plan to take care of you and those you care about. We handle estate planning for persons of all ages and estate sizes. Call our office today at 480-922-1010 or email email@example.com to schedule your complimentary estate planning consultation.
**Disclaimer: The information contained in this article is provided for informational purposes only, and should not be construed as offering legal advice or creating an attorney client relationship between the reader and the firm or author. You should not act or refrain from acting on the basis of any content included in this article without seeking appropriate legal advice about your individual facts and circumstances from an attorney licensed in your state. Bivens and Associates, P.L.L.C. expressly disclaims all liability with respect to actions taken or not taken based on any or all information contained in this article.**