4 Reasons to Use a Trust
Depending on your individual circumstances, the use of a Trust may be perfect for you. A Trust is similar to a Will in that it allows you to provide instructions on how and when to pass your assets and property to named beneficiaries. Following are 4 reasons you may want to consider using a Trust:
1. Avoid ProbateProbate is often an expensive and time consuming process that is used to transfer property from a deceased individual to a beneficiary. Most often Probate is used when an individual has died with or without a Will. However, a Trust is a legal mechanism that can be used by you to avoid the expense and time required to Probate. With a proper Trust, you will not have to probate.
2. PrivacyThe Probate process is a public process. Documents, including your Will, are submitted to the court. The public has access to and can obtain these documents. If privacy is an issue for you and your family, a Trust is a way to avoid the public process related to Probate.
3. Providing for Your FamilyIf you are in a situation where you have remarried and have children from a previous marriage, it is important to ensure that your children from the previous marriage are taken care of in the event of your death. Additionally, if you were to pass away and your spouse was to remarry, it is important to make sure that your assets do not all go to your spouse's new family. A Trust is a legal document that can help you prepare for these types of typical family scenarios. A well crafted Trust will allow you to provide for your children even when there are second marriages and marriages after death.
4. Special Needs Child or Children that Need Help Managing FundsIf you have a child that has special needs or a child that is simply ill-prepared to manage a large amount of money, a Trust is an excellent way to provide for these children while allowing someone else to manage the money.
If one of these scenarios apply to you, it would be beneficial for you to look into the use of a Trust. If you have any questions about the use of a Trust, contact an Idaho Estate Planning Team of lawyers to answer your questions and assist you in any way that you need.