Four Reasons To Include A Trust In Your Estate Plan

Many people are aware that they should include a will in their estate plan. However, there are other legal tools that should also be included in your plan, such as a trust. There are many good reasons to include one or more trusts in your estate plan. These legal documents can bring certain benefits that a will or power of attorney simply will not help you achieve. Below, our Daytona Beach trusts lawyer explains four reasons to include these legal documents in your plan.

Trusts are Not Subject to Probate 

After you pass away, all of your property may be subject to the probate process. Probate can take anywhere from a few months to one year or more to complete. Beneficiaries cannot receive any of their inheritance from the estate until probate is closed. Probate also involves a number of fees and other expenses, which can deplete the assets in the estate remaining for the beneficiaries. Probate can also be very stressful for those involved.

When you establish a trust, you fund it with assets you want to leave your loved ones after you pass away. Trusts are separate legal entities from those who create them and so, the property technically belongs to the trust. Due to this, the assets within the trust are not subject to probate, allowing your loved ones to avoid the burdensome process.

Greater Control 

A trust can also give you greater control over how and when your loved ones receive their inheritance. For example, if you are concerned that your child will waste their inheritance, you can include provisions that prevent this. You may require them to obtain the trustee’s permission before taking from the trust or include certain timelines for them to receive their inheritance.

Confidentiality 

Anything that happens in probate court becomes a matter of public record. This means that anyone with a bit of know-how and interest can look up details of your estate you may have preferred to keep confidential. Due to the fact that trusts are not subject to probate, the property you fund them with and other information, such as the beneficiaries of the trust, remains confidential.

Plan for Incapacity 

Trusts can benefit your loved ones after your death but they can also work to your advantage if you become incapacitated during your lifetime. Your successor trustee will take over management of the trust, ensuring important issues and details are addressed. This is often more efficient than using a durable power of attorney.

Our Trusts Lawyer in Daytona Beach Can Execute Your Documents 

Establishing a trust has many benefits but only if they are executed properly. At Bundza & Rodriguez, our Daytona Beach trusts lawyer will advise on the benefits of these documents, ensure yours is funded properly so it provides the protection you need, and ensure that your wishes are respected. Call us today at 386-252-5170 or chat with us online to request a consultation with one of our experienced attorneys and to get the legal help you need.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html