While most people understand the importance of a will, the details in deciding how to distribute your assets can be a complex and overwhelming decision. One of the ideas you may have come across is the idea of transferring your assets through a family trust, instead of through a traditional will. Here are a few advantages and considerations to account for.
A Trust is More Likely to Reflect Your Desires
While a will can be a powerful document, it can also be a distinctly limiting one. The laws surrounding the creation and interpretation of wills are complex and often lead to unclear outcomes. For example, the simple difference between the phrase “as long as” and “but if” can have hugely meaningful ramifications for how your loves ones inherent – or don’t inherit – your estate. Utilizing a trust allows you to use plain language and express your intents in a much more natural way.
A Family Trust Provides More Flexibility
Once an estate has gone through probate, there is very little oversight or protection over how your estate is utilized. For example, money can generally only be paid out through a will in a lump sum. In contrast, the flexibility of trusts is almost limitless. Thus, if you would prefer to have your assets distributed more carefully, or with more oversight, a trust may be the best option for you.
A Trust Can Be Less Stress for Your Family
The process of probating a will can be an extremely stressful time for your family. Based solely on the technical wording of a single document, a judge will quickly determine the final disposition of your assets. This is often done with little consideration for your actual intent. In contrast, the beneficiaries of a trust maintain an ongoing and beneficial relationship with your chosen trustee. This not only reduces the time pressure, but it ensures that your desires are reflected so that your assets can best benefit those you love. If you have any questions or ideas regarding the best way to structure your estate, the best solution is to talk to an estate planning lawyer in Las Vegas. The right solution for you may be a family trust or a hybrid approach using both a will and a trust.