What Are The Benefits Of Creating A Trust Instead Of Leaving Assets To Heirs In A Will?
What are the benefits of creating a trust instead of leaving assets to heirs in a will?
A trust is a legal document, created by a person or a family, that contains the rules and conditions under which assets are managed during a lifetime and distributed after death. A trust can provide you with valuable benefits over leaving everything to your heirs in a will.
-It lets you specify how your assets will be distributed to heirs
-When it comes to taxes, a trust helps you avoid estate taxes and probate fees
-Some trusts can also help if there are beneficiaries who have special needs
Trusts are an alternative to wills—they can be used alongside wills, but they also work independently. Trusts allow you to transfer assets into someone else's care before your death, rather than leaving them up for grabs when you pass away. The person receiving the assets through the trust is called the "trustee," and he or she will manage the assets until it is time for them to go to their designated beneficiaries. This makes for a safer situation for heirs because the assets aren't left in limbo when the benefactor passes away; there is someone with legal authority who can step in and make decisions on behalf of the trust until it comes time for its beneficiaries to receive their assets.
If you have any questions or need a Will and Trust Lawyer, please call this law firm for a free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
