On Behalf of the Firm
When people hear the phrase “estate planning,” the response is hardly ever one of excitement. The truth, though, is that estate planning is incredibly important, and a little effort will go an incredibly long way towards easing your loved ones’ lives in case something happens.
One of the most common ways to approach estate planning is to set up a trust. There are several big advantages of trusts:
- · If you set them up properly, you will not have to file any probate with the court system, and will therefore not have to go through the court system to get your assets transferred to your beneficiaries. In simple terms, it simplifies the entire process immensely.
- · Also, it gives you much more power over deciding how your assets are divided among the beneficiaries. You could set specific requirements so that children won’t receive their money/property until they turn 18, or graduate from college, etc. In simple terms, you can decide who gets what, and exactly when.
As you can see, there are some very clear-cut benefits of having a trust. The effects of not having a trust set up are clear-cut as well.
If you have not set up a trust beforehand, then when you pass, your loved ones will have to go through the probate system, which is fairly long and very complicated. There are already-defined statutes declaring who will be able to receive what property, but the control is not in your hands, and it complicates your loved ones’ lives.
With a little bit of effort, setting up a trust should be no problem at all, and it will be a burden off your mind, as well as a burden off your loved ones’ shoulders.