Many people tend to disregard estate planning for various reasons. In reality, it’s extremely beneficial, especially for people leaving children and other dependent individuals behind. Ensure that your legacy is protected in future and opt for a trust. If you’re not convinced, here are some reasons to consider one:
Avoid Probate Court
Estate planning advisors will heavily emphasize having a trust because it can prevent probate. While it can be fruitful, probate can be fairly costly and often takes up several years in some cases. Considering that your family will already be in a difficult position from an emotional standpoint, dealing with the probate proceedings might be more inconvenient.
Not only do you save time with a trust, but you also save up on any court and attorney costs that might be associated with the probate process.
Reduce Estate Taxes
A main advantage of trusts is that regardless of the type that you opt for, you have some form of tax planning involved. The tax planning here allows you to eliminate or lower your estate taxes. You can transfer the assets into the trust to bring down the taxable estate. It’s a great way of providing some breathing room for your loved ones when you’re not around so that they’re not burdened by large costs.
Controlling Assets
A trust allows you to decide the distribution of your assets in a streamlined way. For those with minor children, you can arrange it in a way so they get their inheritances in installments.
You can provide this amount with milestones in mind so that your kids receive funds after specific moments in their life, i.e., for their college, on their graduation, when getting married, etc.
Convenient Estate Planning
The best part of trust is that it’s easy to maintain. Over time, you’re required to update estate planning because of various life events that will require changes, but they can be easily incorporated.
Mirabile Law Firm provides estate planning services in Illinois, guiding clients on their various options. Our will and trust attorneys, estate planning lawyers, and bankruptcy services for corporations in Naperville and Bolingbrook, help out clients in various legal matters.
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