What Are the Benefits of a Trust?

There are two types of estate planning: will-based planning and trust-based planning.  Our office only does trust-based planning. 

While a Last Will and Testament will direct your executor how to distribute your property, your executor will be required to go to probate court to collect and distribute your property, opening up your estate to the public eye and making it easy for creditors to come after your estate. 

Benefits of a Trust Over a Will 

A trust is effective during your entire life (as opposed to a will, which is only effective on death).  This means that if you are disabled or incapacitated, your trustee will be able to seamlessly manage your property, while being held accountable by the terms of the trust to follow your instructions as laid out in the trust. 

You choose who inherits your property – and you control who does not.  You can gift property to your child in trust, for example, meaning that your child inherits the property but if they get a divorce, their ex-spouse doesn’t walk away with half of what you spent a lifetime building! 

A trust is extremely flexible.  A trust doesn’t need to be witnessed or notarized (unlike a will) so anytime you want to change your trust, you can call us up and we can whip an amendment up and send it to you in Docusign.  It’s easy to change your trust when your life changes. 

Trusts have many more uses than this, and come in many flavors.  Do you want to make sure your pets are cared for after death?  Let us create a pet trust for you.  Do you want to make sure your property isn’t sold to pay for long term care costs?  Let us create a Medicaid Asset Protection Trust for you.  Do you want to provide for your grandchildren who have special needs?  Let us create an OBRA supplemental needs trust for them so they can stay on waiver programs and benefit from an inheritance too. 

Contact us here or call us today to get started on your estate plan.  Trust us, you’ll have peace of mind when you’re done!