There is often a debate between choosing a trust and a will. Frequently, the decision hinges on cost. Trusts generally have a higher upfront cost compared to wills. However, trusts can save money in the long run. After passing away, heirs will need to legally access and distribute the estate. This process is typically much easier with a trust. Additionally, a trust allows families to focus on what is most important during the difficult time of a loved one’s passing.
Trusts Avoid Court Involvement
Wills involve probate court. Ultimately, a probate judge must sign off on estate documents. This often requires a lawyer to be involved, attend court, file documents, and publish notices, all on behalf of the estate. Heirs must then meet with an attorney and organize the estate’s assets. With a trust, these complications can be avoided. A trust allows loved ones to manage the estate and distribute assets in a manner that makes sense for them.
Trusts Can Save Money
A trust’s ability to avoid court involvement translates to cost savings. A trust allows assets to transition smoothly to the intended individuals, or the assets can be sold off by a single individual in charge. If complications arise, the trustee can handle the situation without burdening the remaining family.
If issues arise with a will, involving an attorney is often unavoidable. Attorneys may charge an hourly fee or a percentage of the net worth stuck in probate. This unnecessary time and expense can be avoided through a trust.
Trusts Require Organization
Establishing a trust does require more involvement. However, this process is straightforward and ultimately beneficial. Trusts necessitate organizing assets, which, in the end, allows heirs to focus on grieving rather than asset organization. By completing the trust process, peace of mind is achieved knowing that the estate plan is legally set forth.
Contact Modern Law Today
For assistance in setting up a trust and ensuring that the estate goes according to plan, contact Modern Law today.