Avoid probate: why is a Trust better than a Will
Trusts Can Reduce costs after death
Probate involves court costs, publications, attorney fees and sometimes executor compensation. Many folks decide to avoid these costs by signing a living Trust.
Faster? Avoid Probate
A Trustee can distribute Trust assets fairly quickly. The Executor in probate, however, has to follow a number of notice procedures, publication, waiting periods, and due process considerations to present opportunities to object, before the court approves passing assets of the decedent.
Incapacity during life: Trusts can help more than a power of attorney
A Trust can do more for you during incapacity than merely having a durable power of attorney. While the power of attorney document might grant authority, your trust is more likely to outline more thoroughly the parameters within which you want to live AND far more likely to provide assets to make those wishes your reality.
Contests are Not Encouraged by Trusts
Probate, by its due process oriented nature, provides built in invitations to challenge the Will, object to who may control the estate (appointment of the Executor) and the size and type of ultimate distributions from the estate. Trusts, on the other hand, do not carry the same burdens of administration. While there is built-in accountability, distributions can be made which are plainly within the terms of the trust document.
Real Estate in Other States; Double Probate?
With a Will, you are very likely to need, in this situation, to conduct probate through courts in each state. A Trust can allow your Trustee to convey real estate in each state in which your Trusts holds property. Yes, your Trustee can do so without hassle.
Swift business succession; Maybe Not with Probate
Your business may need to re-tool, change management, re-align how or what it is marketing, or just liquidate quickly. So, having the ability from your Trust to be nimble and agile is certainly helpful to preserve its health. In probate, on the other hand, you can be stuck waiting for court permission to make any number of changes or liquidation. This is just a no-brainer.
Trusts can be Easier for your family … Avoiding Probate is already handled.
Many people are simply of the mind that they like to know the bulk of their estate planning and succession is handled. They put in a little work now, and it is simply easier on their family, who has fewer hassles when they are gone.
Avoid probate: why is a Trust better than a Will. It does not seem to be a close call. There are so many concrete reasons.
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