Top 6 Reasons to Have a Trust
Trusts are an important way to protect your assets. They provide an extra layer of protection in the event that something happens to you and you don’t have any other living relatives who can manage it for you. Trusts also give you a chance to pass on your possessions and the values you represent to someone you trust.
Of course, trusts are a little more complicated than that, and there are many different types of trusts available. So, it is always best to hire a trusts planning attorney San Antonio if you are trying to plan your trust.
The following are 6 reasons you should have a trust:
- To avoid probate court
Probate is the process of making sure that the property you leave behind after you pass on is given to the proper people. If you have a trust, then your property will be handled by a neutral third party and won’t have to be passed on through probate court. This can save your heirs months of time and thousands of dollars in legal fees.
- To reduce estate taxes
If you have a trust, it can help reduce your estate taxes. The net value of your estate is reduced by the amount of income you leave behind. Therefore, it is possible to reduce the amount of taxes you owe.
- To maintain control over your assets
When you have a trust, you still have control over the assets that are in that trust. You can be in control of where your assets go and who gets them. This can be very useful if you have a lot of assets and don’t have time to manage them.
- To avoid conflict between family members
There can be a lot of family members who have very strong opinions over which assets they should get. A trust provides a neutral place where all of your assets can be put in order to achieve the results you want.
- To plan for worst case scenarios
You never know when something bad might happen and leave you with nothing. Having a trust can help protect your assets in case something happens and all of your other living relatives can’t manage them.
- To provide extra care for children with special needs
If you have a child who has special needs, then having a trust can help provide extra care. A special needs trust can help make sure that your child is given proper care even after you are gone.
