The benefits of having a trust

There are different estate planning tools to help estate planners through the estate planning process. Trusts are a sometimes misunderstood estate planning tool that are not only for the wealthy. All estate planners should understand how they can benefit from having a trust.

The benefits of a trust

Wills and trusts are two different types of estate planning tools that can serve different purposes. Having a trust can help estate planners avoid the probate process which can be costly and time consuming for families.

Utilizing a trust can help avoid the probate process. Unlike a will, a trust dose not go through the probate process. A revocable living trust allows trust assets to bypass the probate process and flow to heirs designated in the trust documents. Using a trust can allow the estate planner to ensure control and protection of assets after they pass. Wills can be contested during the probate process. Trusts can also provide tax advantages.

There are different types of trusts to meet the different needs of estate planners. Having a trust can help estate planners care for their loved ones after they are gone and rest easy that their loved ones will be taken care of. There are also different categories of trusts that estate planners should be familiar with.

Estate planning is unique for each estate planner based on their assets, beneficiaries and desires for their estate. For that reason, they should be familiar with the different tools including trusts and what they can do for them and their estate plan.