Loune-Djenia Askew, Esq.
Apr 19, 2024
A trust is a legal arrangement that can offer many benefits in managing and protecting your assets. Here's a concise look at its advantages to help you decide if it’s right for you.
1. Avoid Probate
Trusts can bypass the probate process, allowing for a quicker distribution of assets to beneficiaries, often without the need for court intervention.
2. Maintain Privacy
Unlike wills, which become public documents during probate, a trust keeps your financial matters and beneficiaries private.
3. Control Over Assets
Trusts give you control over how and when your assets are distributed. You can set conditions beneficiaries must meet before inheriting.
4. Protection from Creditors
A properly structured trust can protect your estate from creditors and beneficiaries’ potential financial missteps. Certain types of trusts can reduce estate taxes, allowing you to pass on more of your wealth to your heirs.
5. Continuous Management
If you become unable to manage your affairs, a trust can provide a plan for who will manage your assets without the need for a court-appointed guardian. Trusts allow for continuous asset management if you pass away or are unable to manage your estate, without interruption.
6. Protect Minors
You can create a trust to manage assets for minor beneficiaries, providing for their care and education.
7. Flexibility
There are many types of trusts, each with specific benefits that can be tailored to your unique situation.
A trust can be a powerful tool in your estate planning arsenal, offering a range of benefits that can provide peace of mind and protection for your estate. If these advantages align with your goals, setting up a trust could be a smart move. Always consult with an estate planning attorney to discuss the best strategy for you.
For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.
Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.