A last will and testament and a trust are the most vital legal documents that allow you to determine what happens with your estate after your demise. Despite knowing the importance of a trust and will, two-thirds of Americans still don’t have a will or a trust. If you’re one among them and you still don’t know why you should have a trust and a will, you should educate yourself on the valid reasons to have them.
It is best to seek the help of a Honolulu estate planning lawyer who can guide you through the process of creating a will and a trust. Let’s check out the top reasons to have a trust.
- It is possible to avert probate court
If you die without having a trust and a will in place, your loved ones will have to face a lengthy process at probate court. But when you have a trust, you can ensure to avoid this process. Your loved ones won’t have to face the difficulty of rushing to the court during a time that is already challenging for them. Moreover, you can also save their money in the form of court fees and attorney costs.
- Exercise control over your assets
With the help of a trust, you can exercise a level of control over your estate that is often impossible through a will. It is because of the structure and type of the Trusts that you can determine when and how your assets are going to be distributed. When you have young children, one of the best ways of ensuring that they don’t get their inherited money in a lump sum is by having a trust. It is possible to create a trust with certain milestones in mind.
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Plan and be prepared for the worst situations
None of us ever want to think about the worst-case scenarios but life can be tough at times. One of the most crucial steps to protect yourself along with your loved ones is through estate planning. When you’re not able to make decisions on your own or when you’re nearing the end of your life, trusts will guarantee that your loved ones are taken care of.
So, now that you know the importance of estate planning, don’t hesitate before calling an estate planning lawyer. He can guide you on the right steps to take for creating an estate plan.
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