There are several benefits to using a trust in an estate plan:
Avoidance of probate: Property held in trust does not need to go through the probate process when the trust creator (also known as the grantor or settlor) dies. This can save time and money, as probate can be a lengthy and expensive process.
Privacy: Trusts are not public records, so the terms of the trust and the distribution of the trust assets are not a matter of public record. This can be an advantage for people who want to keep their affairs private.
Control over assets: A trust allows the grantor to specify how and when the trust assets will be distributed, rather than leaving it up to the state to decide. This can be especially useful for people who have children from multiple marriages or who want to provide for a disabled family member.
Protection of assets: Trusts can be used to protect assets from creditors, lawsuits, and other legal claims for the right client under the right circumstances.
Flexibility: Trusts can be designed to meet the specific needs and goals of the grantor, and they can be modified or amended as circumstances change.
Professional management: A trust can be set up to have a professional trustee manage the assets, which can be useful if the grantor does not have the time or expertise to manage the assets themselves.
We Can Help
The estate planning attorneys of Penzien & McBride, PLLC have been helping families and business owners with their estate planning needs for more than two decades. If you are looking for a compassionate professional that can help you through the estate planning process, conduct a review of your existing estate plan, or if you would like additional information about our services, give us a call at (586) 690-4400 or complete ourcontact us form.