Why You Should Set Up A Trust
Estate Planning is very important. It can be so difficult to talk about that most people don’t have any kind of plan. A trust is a legal arrangement where you choose a trustee to manage and distribute your assets for your beneficiaries after your passing.
Also, trusts can make it easier for your loved ones to
access your assets than with a will alone while giving you control over how your assets are distributed.
Trusts are not appropriate for everyone but for the right situation, they are a very useful tool.
The Advantages of Trusts
One of the best reasons to set up a trust is to better control your assets after you die. You can use your trust to not only decide who gets which assets but when and how they will get those assets as well.
Having assets you want to give to minor children or a family member with special needs is a scenario where having a trust helps.
The same can be true of those with businesses or property they intend to hand down to children or over to a spouse in the case of their death.
If you are passionate about your philanthropic interests trusts can be a great way to ensure your charitable donations continue for as long as you’ve allocated for.
Trusts usually don’t need to go through probate court which is a possibility even if you have a will. Sometimes a will needs to be validated and an estate needs to be settled.
Probate court is where both of these actions happen. Probate can be a long and expensive process.
It is also a public process that results in publicly accessible documents that you may be uncomfortable with.
Because trusts are typically handled privately by a trustee both of these concerns are usually mitigated by having a trust.
Keep in mind that nothing is exempt from legal challenges. No matter how you and your lawyer set up your trust, it can still be something there contested in court.
With over a decade of experience, Attorney Regine Francois is equipped to help you with to prepare for your plan. She is an estate planning and probate attorney located in Prince George’s County, MD, and serving the surrounding counties. To schedule an appointment, please call 301-358-0377.