When it comes to planning for the future, many people are familiar with the concept of a will, but fewer know about the benefits of a trust. A trust allows you to control how and when your assets are distributed after you pass away, offering flexibility that a will simply cannot.
For example, you may set conditions for when your beneficiaries are to receive their inheritance, such as waiting until they reach a certain age or meet specific milestones, ensuring they are financially responsible when they inherit.
A major advantage of a trust is the discretion it provides. While a will is a straightforward, cost-effective way of transferring assets to your loved ones, a trust allows your chosen trustees to manage your assets and make decisions based on the changing circumstances of your beneficiaries. Whether it’s their health, financial struggles, or personal growth, your trustees can make thoughtful decisions about when and how to distribute your assets, all while staying aligned to your original wishes.
Another key benefit of a trust (in contrary to a will) is that it can bypass the often lengthy and costly application for probate, which a will must go through if the estate has assets of over $15,000. This means your loved ones can often access their inheritance faster, without the delays or public exposure that comes with obtaining probate.
If you’re looking for more control over the timing and discretion of your estate planning objectives, a trust generally offers a more flexible, private, and effective solution. To learn how a trust can benefit you further, reach out to us for expert advice, tailored to your needs.
