10 reasons why you should create a Trust & a Will

1. Control Over Asset Distribution

A will and a trust provide clear instructions on how your assets should be distributed after your death. This helps ensure that your beneficiaries receive what you intend, rather than leaving it to state laws to decide.

2. Avoiding Probate

A trust can help your estate avoid the probate process, which is time-consuming, public, and potentially costly. This means that assets in a trust can be transferred more quickly and privately to beneficiaries.

3. Protecting Minor Children

A will allows you to designate guardians for minor children, ensuring they are cared for by someone you trust. A trust can also manage the financial needs of minors until they reach a certain age.

4. Tax Benefits

Properly structured trusts can help reduce estate taxes and protect assets from creditors, providing more financial security for your beneficiaries.

5. Incapacity Planning

A trust can provide for your care and manage your assets if you become incapacitated, avoiding the need for a court-appointed guardian or conservator.

6. Minimizing Family Disputes

By clearly stating your wishes in a will and trust, you reduce the chances of disputes among family members, which can lead to costly legal battles.

7. Providing for Special Needs

Trusts can be set up to provide for a special needs beneficiary without disqualifying them from receiving government benefits.

8. Maintaining Privacy

Unlike a will, which becomes a public record after probate, a trust can keep your financial affairs private, shielding your estate from public scrutiny.

9. Charitable Giving

Trusts and wills allow you to allocate a portion of your estate to charitable causes, creating a lasting legacy in line with your values.

10. Flexibility and Control During Your Lifetime

Trusts, especially revocable living trusts, can be altered during your lifetime, allowing you to adapt your estate plan to changing circumstances.