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Why choosing a trust instead of a will could be beneficial

| Oct 28, 2020 | Estate Planning |

Planning for both expected and unexpected events is important for people living in Nebraska. There is one event in life that can be both expected and unexpected though and that is passing away. Everyone knows that they will not live forever and at some point in time everyone passes away, but people do not know when or how they will pass away. So, it is important to plan for death like people plan for other events during their lives.

The way many people think about planning for their death is by drafting a will to ensure that their property goes to the people that they want to have it after they pass away. Wills are certainly effective tools for ensuring that this occurs, but people have other options as well. One is that they could draft a revocable trust and transfer their assets to that trust. While ultimately the purpose of a trust is to pass property onto the people surviving the deceased, trusts do have certain advantages over wills.

Benefits of trusts

One benefit and perhaps one of the main reasons that people choose trusts, is that they allow people’s beneficiaries to avoid the probate process. Trust assets are distributed straight to the beneficiaries by the trustee of the trust and do not require court oversight.

They also keep the assets of their estate private. Probate proceedings are generally public so avoiding that process also keeps the information about the estate private.

Finally, they can provide an easy transition if people become incapacitated prior to death because the trustee can simply step in and manage the assets for the person while they are incapacitated.

One of the unfortunate facts of life for people living in Nebraska is that everyone will pass away at some point in time. People cannot bring their possessions with them and it is important that people can control who receives them when they pass. There are different options for people to accomplish this goal and consulting with experienced attorneys could be useful when people are deciding which option to take.