What are some advantages of using trusts in estate planning?
Jan Meriss Alfonso Assistant at Parklin Law Advantages of Using Trusts in Estate Planning Using a trust is a smart way to protect your family and your assets. They can also help you avoid probate, which can be time-consuming and expensive. Having a trust can also ensure that your assets are distributed to the right beneficiaries, such as children and grandchildren. Assets One of the best things about using a trust is the amount of control you will have over your assets. The person or entity managing your trust assets is called your trustee, and they are obligated to act in your best interest. You can choose to pay your trustee. In return, they have to keep your trust property in good condition. They may be able to manage your estate, pay your bills, and file your tax returns for you. You can also choose to have money in your trust go towards college tuition for your children or grandchildren. Trusts There are many different types of trusts. Each one has different requi...