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2 reasons you need to set up a trust for your estate

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2 reasons you need to set up a trust for your estate

On Behalf of | Nov 26, 2021 | estate planning |

There are two crucial documents in the estate planning process: the will and the trust. While most people are conversant with the structure and purpose of the will, trusts can be quite difficult to understand. Generally, a trust tends to come with a more complex legal structure than a will. Add to this the various types of trusts and knowing the right one for your estate planning needs can be a daunting task.

However, before embarking on creating a trust, it is important to understand the value it will bring to your estate plan. Here are some of the benefits of setting up a trust for your estate.

Avoid costly probate

Death is tough to deal with. The last thing you want your loved ones to go through while you grieve your demise is a protracted battle over who gets to inherit what. This costs time and money. It causes rifts that can take years to repair too. A properly prepared probate can save your loved ones from the numerous costs associated with a contentious probate process such as court and attorney fees.

Maintain control over your assets

Unlike a will, a trust offers a significant level of control over your estate. This is because it gives you, the settlor, the power to decide how and when your assets will be distributed to your heirs. This is especially important if you have younger children. With a well-written trust, you can ensure that your children’s inheritance is safeguarded until they become of age to take over their control. For instance, you can have provisions in your trust indicating the amount of money your children will receive when they reach certain milestones in life like graduating or getting married.

A trust is an important estate planning document that can benefit you and your estate in a number of ways when used properly.