The differences between a Trust-based estate plan and a Will-based estate plan can be quite significant.
What are the advantages of having a Trust in your estate plan? A Trust offers many benefits that a Will does not:
1. Trusts can distribute assets over time and under the supervision of a trustee. This is particularly helpful when planning for dependents or younger beneficiaries.
2. Property and assets in a Trust do not go through probate. This can save time, money, and inconvenience.
3. Preserve privacy – property and assets in a Trust are not part of publicly available court records.
4. Trusts can be designed to preserve benefits for beneficiaries with special needs or beneficiaries that will later receive Medicaid assistance.
Trusts offer a great deal of planning options that Wills cannot. There are many ways to utilize a Trust customized to your preferences and priorities.
To learn more, speak to an experienced estate planning attorney.