Benefits of Having a Trust
When it comes time to create an estate plan, one option to consider is a trust. A trust is a legal arrangement that allows you to appoint someone to handle your assets for the benefit of your beneficiaries. Many benefits exist to having a trust. One benefit of utilizing a trust in your estate plan is the avoidance of probate. The probate process to settle an estate can be time-consuming and expensive. It is also a public process, which may provide little privacy. By creating and placing your assets in a trust, the assets in the trust are not subject to probate. This may ensure your assets are distributed to your beneficiaries in an efficient, cost-effective, private manner. Another advantage to a trust is the level of control you retain over the distribution of your assets, even after you pass away. This is particularly useful if you have very specific…