Although a trust and a will are both important components of any person’s estate plan, there are several different things that a trust can offer you that a will does not. Some of the most common benefits of a trust over a will include:
- It allows you to avoid the probate process, including the expense and the time committed.
- A trust gives you additional privacy, since it is not open to public scrutiny and is not filed publically the way that a will might be.
- A trust allows you to easily transfer your assets to beneficiaries that you name after you pass away.
- Your trust manages your property while you are still alive as well.
- Depending on the laws in your state and how it is written, a trust can also be used to reduce your taxes.
- A trust gives you further flexibility in how you dispose of your assets, for example, passing on funds and assets to children from a previous marriage while omitting the present spouse.
All of these are valuable goals and you can consult with your knowledgeable estate planning attorney to learn more about the best way to protect yourself. Both a will and a trust can help you accomplish your estate planning goals.