Estate plans are important to have at every stage of your life. If you don’t have an estate plan, then it’s probably time to start thinking about it. When it comes to estate plans, you are likely to choose between a will and a trust. While a will tends to be easier to draft, there are reasons that people choose a trust over a will.
In some cases, people have a trust and a will. Why would you choose a trust over a will? Well, there are three main reasons that others choose and they are as follows.
No Probate
One of the major benefits of having a will over a trust is that your loved ones do not have to go through probate. Probate can be a long, arduous process. It also costs your loved ones’ money. If you have a trust, then your family won’t have to go through the hassles of probate. Now, in some states, if you have a small enough estate, you can qualify for a quicker version of probate.
More Control
You have more control with a trust. For instance, if you have young beneficiaries, you can dictate when they receive their inheritance and if they receive their entire inheritance at once. The trust allows you to have more financial control when it comes to how and when your beneficiaries receive their inheritances. With a trust, you also have less of a chance that your family will be able to contest it. Upset family members will often contest wills.
Guaranteed Privacy
Your last will and testament is filed with the probate court. Once filed, it becomes a matter of public record. Some do not want their will and testament to be public record. This could be to protect your beneficiaries or simply to protect your privacy. Now, in some cases, if there is something wrong with the trust, the beneficiaries may still have to show up in court for a trust. When this happens, then the trust may become public. In most cases, however, it is not public.
As you work on your estate plan, it helps to have a lawyer to assist you with the process. The documents for your will or trust must be valid. This will help to avoid contests in the future. For guidance in your estate planning process, contact an estate planning lawyer, as soon as possible for a consultation.