Most people know how vital it is that they have an estate plan. It is obvious that it is the best thing for your estate and your family when you pass away to have everything properly organized. However, what many people do not understand is what is the best plan for them. For the majority of people a revocable living trust will be the best option. Here are a couple reasons why you should choose a trust.
1. A Trust Bypasses Probate
One of the main reasons your estate planner will tell you to use a trust is that you automatically can bypass probate. Probate is a court mandated process, and this means that instead of your family simply going through the plan and working it out amongst themselves, a judge will have to oversee it all. In addition, probate can take far longer to resolve. You are on the court's timetable, not your own.
With a trust you avoid these headaches. Once you pass away, your family will be able to get together, on their own timetable, and read through the estate.
2. A Trust Is More Private and Not On Public Record
When you put everything in a will, it will become known as public record. Anything that has to go through probate will be on public record. This means that all of your property, your money, where you allocated things and so forth, will be on record so that everyone can see it and access it.
A trust is far more private. You don't even have to let everyone in your family see it. You can decide who can see the trust and who cannot. This helps to keep your property safer and more private.
3. A Trust Can Be Paid On Death
The great thing about a revocable living trust is that while you
If you choose a will instead, your family might have to wait months to get their property and money. If they were planning on using those funds to pay for all of these expenses, it could leave them in a dire situation. To learn more, speak with a business like Linn Schisel & DeMarco Attorneys At Law.
These are just three of the many reasons that people choose a trust for their estate plan.Share