People create trusts to ensure their assets are dealt with in the way they want, whether during life or after death, without the need for court intervention.
While trusts are frequently utilized to minimize taxes through your estate plan, they could have other benefits as well. Creditor protection provisions permit you to protect your assets from a child’s or beneficiaries creditors; control provisions permit you to dictate how the trustee spends the money for the beneficiary’s benefit; management provisions allow you to guide your trustee in investing and managing your assets.
With trusts, your estate plan would still be carried out, but privately – your assets, wishes, etc., would not be viewable by the general public, unlike with a will. As long as the trust is professionally prepared by an experienced estate planning attorney and is adequately funded the administration of your trust will be a more streamlined process than a will. Trusts are also much more straightforward to amend at a later time should circumstances change, not to mention Trusts can also help your loved ones avoid significant probate costs.
Contact us at 616.888.3810 to schedule an appointment with one of our experienced estate planning attorneys to assist you with your estate plan.