3 Reasons to Open a Trust Now
Many people wonder if they should meet with an estate-planning attorney. They might think that they are young and healthy so there is no reason to see an attorney. However, even if you are young and healthy, you should still meet with an attorney to prepare for the worst and set up a trust. Here are some reasons why a trust fund is such a good idea while you are living and in the case that you should pass away.
1. A Trust Bypasses Probate and Is More Private
One of the most frustrating processes for many people is probate. This is when the courts have to mandate your estate after you die. Ideally, the family should be able to read the wishes of the deceased and the assets should be distributed as specified, without the court's involvement. However, if you don't have a trust and put everything in a will, then your estate will have to go through probate. Your family might not get their money and their part of your estate for a long time while this process is happening.
In addition, when something goes through probate, it is put on public record. This means that everything in your will and in your estate will be known to anyone who wants to know. This is very uncomfortable for many people, which is why a trust is ideal. It will keep your dealings private.
2. A Trust Can Protect Your Assets While You Are Alive
Another reason a trust is ideal is that it can protect your assess while you are alive. Imagine that you are sued for something that happened on your property. If you don't have your house and assets protected, they could be included in the lawsuit, and you could lose everything. When you put your house into a trust, the trust protects it from things like lawsuits. You can put your cars, cash accounts, personal property, and anything else of value into the trust.
3. You Have Control Over the Trust
While you are alive, and even after you pass away, you will have control over the trust. You can put stipulations on your property. For instance, before your child gets their money, you can require they pass a drug test. You can also choose how often the money is allocated so they don't get it in one lump sum, instead they get it over time.
For more information about estate planning, talk to an attorney like those at the law offices of Hurth Sisk & Blakemore LLP.