The Benefits Of A Trust.
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One of the biggest advantages of trusts is that they prevent your family from having to undergo the lengthy and costly process of probate at the time of your passing. However, they are initially a larger investment and require more information at the planning stage than a last will.
Your Assets Might Not Be Protected: Another crucial point to note is that not all trusts offer protection from creditors. For instance, in revocable trusts, the assets are not protected from creditors as the grantor retains control of the assets. Potential Tax Burdens: Finally, trusts can carry potential tax burdens.
Like a Will and a testamentary trust, a Living Trust lets you decide specifically what will happen to your property after you die. You can also use a trust to control how your beneficiaries will spend their inheritance (to reduce the risk they may "blow it" on expensive vacations, cars, gambling, etc.).
Trusts avoid the probate process While assets controlled by your will have to go through probate in order to be verified and distributed ing to your wishes, trust assets usually don't. A will becomes a part of public record, while a trust agreement stays private.
While trusts are highly structured, they do not protect your assets from creditors seeking restitution. In fact, creditors can file a claim against the beneficiaries of the estate should they learn of the person's passing.