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Although creating a trust is not required in estate planning, distributing assets through a trust instead of bequeathing them in a will can simplify estate settlement proceedings for your loved ones. Here are just a few ways your family will benefit if you create a living trust.

3 Advantages of Distributing Property Through a Living Trust

1. Eliminating Probate

Because you transfer assets to a trust while you are still alive, they do not have to go through the probate process upon your death. Depending on the size of the estate, probate proceedings could be facilitated considerably for loved ones. You can even help them avoid probate altogether by transferring all your property to a living trust.  

2. Protecting Privacy

trustFiles pertaining to probate are public court records, which means anyone can access them if they know where to look. Trust proceedings, on the other hand, are private, and only the parties involved will be privy. If you want to protect your family’s privacy after your death, transferring assets to a trust is the best approach.

3. Saving Money

Lengthy probate proceedings can get costly, especially if disputes arise along the way. Not only do living trusts eliminate the need for probate, but they also reduce the number of potential disputes. If someone contests the arrangement you have set up, a trust is more likely than a will to hold up in the subsequent proceedings. As a result, trusts are less likely to have issues come up, which can save your family legal fees.

 

If you want to create a living trust for your family’s benefit, turn to Wills and Trusts Hawaii in Honolulu. Their compassionate team help clients on the island of Oahu plan for all possibilities. Visit their website to explore their comprehensive estate planning services, or call (808) 792-8777 to schedule a consultation today.

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