When it comes to estate planning, a will is often the first thing that comes to mind. However, there are certain situations when a choice is not enough. In those cases, you may need to create a trust to ensure your wishes are appropriately carried out and your assets are protected. Here are three reasons why more than a will may be necessary for your estate plan.
1) A Will Doesn’t Avoid Probate
One of the primary advantages of establishing trust is that it can aid in the avoidance of probate. Probate is having a court approve your will and manage the distribution of your assets after you pass away. Unfortunately, this process can be long and expensive and become very public if there are any disputes. On the other hand, if your assets are held in a trust, they do not have to go through probate, allowing them to be distributed faster and with fewer costs.
2) A Will Doesn’t Protect Your Assets from Creditors
Another critical reason to consider creating a trust is that it can help protect your assets from creditors. Wills are public documents, meaning that creditors can easily access them and try to seize your assets. However, trusts are private documents and can help shield your assets from creditors.
3) A Will Doesn’t Keep Your Family Out of Court
Finally, trust can help keep your family out of court. Wills are subject to challenges in court, which can lead to long and costly legal battles. By placing your assets in a trust, you can help avoid these types of disputes and ensure your wishes are carried out according to the terms of the trust.
Creating trust can be an essential part of an effective estate plan. If you want to ensure your wishes are followed and your assets are protected, it’s critical to consider all the potential benefits of creating trust. An experienced estate planning attorney can help you understand your options and determine if a trust is the best choice for your specific needs.