Why a Trust May Be Better Than a Will
No one really knows when their time on earth will come to an end, so it’s essential to plan for what will happen to your belongings and assets after you die. This will make things easier for your loved ones and help avoid conflict or confusion.
A will can help you effectively manage your possessions and estate after death.
There are many reasons a living trust is a better option than a will for both the person creating the trust and the beneficiaries. Here, your trusted estate attorney shares some of them:
Going With Trusts Means You Can Avoid Probate Court
If you have a will, your estate must go through probate court to be distributed to your beneficiaries. This can be a lengthy, tedious, and expensive process. However, if you have a living trust, your assets can be distributed to your beneficiaries without going through probate court.
Trusts Are More Private
Wills become public records after they are filed with the court. This means anyone can go to the court and request a copy of your will. However, living trusts are not public records and can be kept completely private.
Living Trusts Can Be Changed
If you need to make changes to your living trust, it can be quickly done. On the other hand, making changes to a will can be more complicated and require going through probate court.
Living Trusts Can Be Used to Avoid Estate Taxes
If your estate is large enough, it may be subject to estate taxes. However, if your assets are held in a living trust, they can be distributed to your beneficiaries without being subject to estate taxes.
Living Trusts Can Be Used to Protect Your Assets
If you are worried that your assets might be taken in a lawsuit, you can put them in a living trust. This will protect your assets from being taken in a lawsuit.
Trusts Reduces Delays
When a person dies intestate (without a will), their estate must go through probate before any assets can be distributed to beneficiaries. Probate can be lengthy and expensive, often taking months or even years to complete.
On the other hand, a living trust can often be settled much more quickly. Since the assets in the trust are already legally owned by the trust, there is no need to go through probate. This can help the beneficiaries save a lot of time and money.
Living Trusts Offer Flexibility
Another plus point for living trusts is that they offer more flexibility than wills. With a will, you are essentially locked into the decisions you make at the time of its creation.
If you later decide that you want to change who your beneficiaries are or how your assets are to be distributed, you will need to create a new will. This can be pretty time-consuming and expensive.
With a living trust, on the other hand, you can make changes simply by changing the terms of the trust. This can be done at any time, and it can be done without the need for a lawyer or any other professional.
You Can Provide for Your Pets
You can make arrangements for your beloved furry friend’s care in your living trust. This is not possible with a will.
As you can see, there are many advantages to choosing a trust over a will. However, each situation is unique, so it is essential to consult with an estate attorney to determine which estate planning tool is best for you.
Estate Planning Lawyers in Colorado can provide you the services of an expert will and trust attorney in Colorado who can help you determine which one suits your needs better. Schedule a consultation with us today!