Lombard, IL estate planning lawyerIn recent years, trusts have exploded in popularity and have, for many families, become the main form of testamentary estate planning. A common misconception regarding trusts is that for a trust to work for you, you must be a wealthy individual. However, this is not true. Compared to a will, a trust can do practically everything a will can do. That being said, a trust allows for increased discretion and more control over gradual distribution. 

In all, there are many benefits that trusts offer that wills do not. Unless you have underage children, you may not need to establish a will if you decide to develop a trust. There are lots of different kinds of trusts that offer particular advantages and disadvantages. To learn more about trusts and what estate planning options may be best for you, contact an estate planning attorney to learn more about your options. 

Advantages of a Trust Over a Will

As stated previously, there are many advantages of trusts. These advantages include the following:

  • Distribution over time – When you create a will, the beneficiaries in the will receive whatever you leave them in one lump sum. Depending on your beneficiaries, this may not make sense for your situation. With trusts, funds can be gradually distributed over time rather than all at once. 

  • Discretion – In a trust document, you can choose a trustee with whom you feel comfortable granting some discretion regarding how the assets in the trust will be distributed. For example, you may choose to arrange for your trustee only to make distributions at a time they feel is appropriate. Furthermore, your trustee may decide to distribute assets within the trust to help your adult child start their own business. On the other hand, the trustee may refuse to distribute funds if the adult child wishes to use funds to pay for a vacation.

  • Confidentiality and security – Wills become public records as soon as they are given to a probate court. Anyone interested in seeing details of your estate or even challenging your estate simply needs to look at the will, whereas trusts can be held privately so that the only people who can see it are the beneficiaries and your trustee.

  • Sidestepping probate – Arguably, this is the most compelling reason people choose trusts over wills. Probate can be a long, expensive ordeal. Moreover, probate is often the last thing grieving beneficiaries want to deal with. Trusts can avoid probate entirely. That way, distribution via a trust can begin immediately. 

Keep in mind these are only a few of the benefits a trust offers. A skilled attorney can work with you and tell you about additional benefits so that you can make a decision that meets your family’s needs.

Contact a DuPage County Estate Planning Lawyer 

The compassionate Wheaton estate planning attorneys at [[title]] can assist you every step of the way to ensure your estate planning goals become a reality. Call [[phone]] for a private consultation. 

Source: https://www.forbes.com/sites/bobcarlson/2019/08/28/wills-vs-trusts-which-is-best-for-you/

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