FAQ Friday: Checklist for trusts
On Friday, April 28th, attorney Candice Joy discusses the Checklist of Reasons to Choose a Trust.
This can be helpful if you are choosing between a Will and a Trust.
You should take a look at your assets. If you are approaching $2 million or more, then the probate process could become more complex when you pass which would make trust more beneficial to circumvent or alleviate this burden.
Another thing to consider is if you own real property in multiple states.
If privacy is important to you then it’s good to know that your Will is a public document and anyone could see it, whereas Trusts are only viewable by those directed.
If you want to reduce our estate tax exemption, trusts can increase the amount of the exemption.
If you pass away and leave everything to your husband and they remarry. They could choose to provide for new children along with yours when they pass which could mean your assets being used outside your family.
If you are hoping to use a financial advisor for your assets, then a trust is the way to go. A Will and power of attorney could also achieve this, but a trust would be more streamlined.
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