Trust Based Plan
A trust is a legal arrangement that allows the trust maker to manage and distribute their assets in a specific way, providing a level of control and flexibility beyond what a Will alone can offer.
How is a trust different from a will?
Unlike a will, a trust becomes effective while the trust maker is alive, providing for incapacity planning as well as the distribution of assets upon death.
Trusts avoid the time and expense of the probate process, and make the distribution of assets quicker and more private. They serve other purposes too, such as providing for the financial needs of a surviving spouse, managing assets for minor children and grandchildren, supporting charitable causes, providing for our loved ones who have special needs, and minimizing estate taxes. Overall, a trust offers a way to manage and distribute assets according to the trust maker's wishes, with privacy and efficiency.
Three Advantages
Privacy – Probate proceedings are a matter of public record, meaning that almost anyone can access information about the deceased person's assets, debts, and beneficiaries. On the other hand, trusts are private arrangements, and the details of the trust remain confidential. This confidentiality can be particularly appealing to individuals who prefer to keep their financial affairs private.
Probate avoidance - Assets held in a properly funded trust can pass directly to beneficiaries without the need for probate and according to the design of the Trust thereby saving time and reducing associated court costs.
Flexibility and Asset Protection – Trusts offer more flexibility in how assets are distributed to beneficiaries so it can provide the beneficiaries with protections against future loss of the inheritance.
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