When you meet with an estate-planning attorney to construct your estate plan they will offer a will and a trust. Many people think that a will is enough, but you shouldn't just get a will. Instead, a trust is probably the best way to organize your estate plan for a myriad of reasons. Here are some of the reasons you should use a trust with your estate plan.
1. Trusts Give You More Control
When you use a trust you can have more control over your estate and money. Before you pass away you can keep your property and finances in your trust account and you will be able to make changes and do what you want with them as needed. However, when you pass away you still can have your wishes honored.
For instance, you can create a trust for your children that have stipulations as to how they can get their money. You might want to make it contingent on no drug use, a college fund requiring a certain GPA and so forth. If you are worried about your children abusing their inheritance or taking too much out at once, then you can control how they use it, what they use it for and how much they can withdraw each year.
2. Better Protection Of Your Assets
Another great reason to use a trust is that it protects your assets better. For instance, you can get certain kinds of trusts that protect your things from lawsuits, taxes and so forth. This will not only protect your family after you pass away, but it will protect you while you are living as well. If you have everything organized into well-designed trusts, you can be sure that you protecting your assets so that you don't lose everything if you are sued or another unfortunate situation arises.
3. Avoid Probate
One of the most important reasons to use a trust is that you can avoid probate. Probate is a costly process that you should avoid if at all possible. In addition, probate becomes public record, so if you don't want everyone knowing all the details of your estate and wealth then you should put your money in a trust. It will simplify the process for your family when you pass away, and it keep your personal affairs private.
These are just a few of the many reasons why you should contact a law firm like Skeen Law Offices about using a trust in your estate plan.