"WHY GET A TRUST?"
TRUSTS CAN HAVE THE ABILITY TO:
Make sure that your estate remains private and out of public record (and the courts).
Avoid having any unnecessary court costs, legal fees, contestations, or taxes (potential costs associated with Wills) diminish the size of your estate upon death.
Allow for an efficient, speedy settlement of your estate.
Reduce the probability of family conflict and litigation while distributing assets during settlement.
Ensure asset protection/piece of mind for your surviving spouse.
Provide safeguards to prevent an enforced Medicaid spend-down.
Provide safeguards against a spendthrift beneficiary.
SOME DIFFERENCES BETWEEN A TRUST AND A WILL:
Wills do not provide protection in the event that an individual becomes mentally or physically incapacitated, whereas a Trust can have the ability to provide protections so that the courts do not have the ability to take control of an individual's assets (Guardianship). Wills usually go through Probate, making an estate public record. A Trust can keep an estate from going through Probate and thus keep your estate private.
For more information regarding Estate Planning, Wills, and Trusts, please see the "Estate Planning" Tab under "Education Center", or fill out the information box provided and one of our agents will contact you.