If you’re unsure whether you need to include a trust in your estate-planning portfolio, read these advantages to saying, “yes,” to include the trust in. The advantages to including a trust in your portfolio outweigh the execution of a last will and testament.
Advantages to Trusts
Trusts can help protect possessions, investments, and assets. They are vital to these protections and are most important to business owners and anyone who has minor children.
One of the main benefits of getting a trust is to avoid probate court. The process of probate is used to settle the estate. The process can take months and sometimes longer, which delays the heirs from receiving their inheritance.
Depending on the situation, estate possessions and property may need to be sold to cover the costs associated with the settlement. Wills may also open litigation cases if heirs dispute their portion of the inheritance. When litigation is involved, the probate case can take years to complete.
This is why a trust is more efficient because it is the simplest path to transferring ownership to another person. If you have a trust, then the assets can be disbursed quickly. It also minimizes obligations to taxes, which benefits the heirs.
Consult with a Palm Springs Estate Planning Attorney
It’s best to consult with a Palm Springs estate planning attorney to find out more about what a trust can protect. A lawyer can review your estate planning portfolio and ensure that everything meets the criteria for it to be legal and binding.
