If you leave your estate to your loved ones using a will, everything you own will pass through probate. The process is expensive, time-consuming, and open to the public. The probate court is in control of the process until the estate has been settled and distributed. If you are married and have children, you want to make certain that your surviving family has immediate access to cash to pay for living expenses while your estate is being settled. It is not unusual for the probate courts to freeze assets for weeks or even months while trying to determine the proper disposition of the estate. Your surviving spouse may be forced to apply to the probate court for needed cash to pay current living expenses. You can imagine how stressful this process can be. With proper planning, your assets can pass on to your loved ones without undergoing probate, in a manner that is quick, inexpensive and private.
Trusts can also provide greater control over how and when your assets are distributed. Depending on your goals, a trust can be used to manage assets for minor children or other beneficiaries, establish instructions for how assets should be used, and provide continuity if you become unable to manage your own affairs. There are different types of trusts available, and the appropriate structure will depend on your family, your assets, and what you want your estate plan to accomplish.
A trust is not the right solution for every estate, which is why it is important to consider how it fits within your complete estate plan. An experienced estate planning attorney can help you understand your options and determine whether establishing a trust makes sense for you and your family. Contact the Law Offices of Johnine Clark, P.A. today to schedule a consultation and discuss how we can help you prepare for your family’s future.
