Avoiding Probate remains as a primary reason for having a trust. Although in recent years the amount of property a person can have and not go through a full blown probate is now $100,000.00 (including real property), if that amount includes real property, a court proceeding is still necessary.
Who will care for you when you are unable? Will it be the person you trust, or will it be the one you dread? Will it be the thrifty child or the spend thrift? A trust allows you to decide. Without a trust, you are left to the whims of chance, which is usually the first person who shows up with a petition to the court.
Although a trust costs more up front, in the long run it saves thousands more than it costs when it is properly funded.
Reduce Family Sqaubbles
Everyone has experienced or heard of families that fight over estates. While a trust does not guarantee a family unity, it does significantly reduce the chances of feuds.
Probates average about one year, but can take significantly longer. A trust can be administered in a matter of weeks.
For larger estates (multi- million dollars), a tax trust can save thousands of dollars for your heirs.
Additional resources provided by the author
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