Reasons Why a Person May Need a Trust
Myrtle Beach area residents understand the importance of estate planning. But, estate planning is often placed on the back burner for many reasons. When a Myrtle Beach area resident finally takes the time to tackle their family’s estate planning, they may think a will is sufficient for their needs. They may be surprised to learn that a trust may also be necessary.
There are many advantages a trust can bring to estate planning. One of the main advantages is for the estate to avoid probate. If there is just a will, the estate will need to go through the probate process. But, with a trust, probate is avoided. Another advantage of a trust is if a person becomes incapacitated, their trustee can use the assets for the person’s care and well-being. It can also be an advantage for a business owner. When they pass away, the trustee can step in as the owner and continue running the business. This can be difficult if the business has to go through the probate process. Another good thing about a trust is that it helps a multiple marriage situation. A trust can protect the children from a first marriage while also providing assets for the spouse from a second marriage. A trust can provide assets to a spouse to use in their lifetime with the assets remaining to be given to a person’s children and/or grandchildren.
There are many advantages to creating a trust. A legal professional who specializes in estate planning can help their client determine what estate planning tools make sense for their unique situation. Business owners, young families, senior citizens, and everyone in between need an estate plan. They are important in ensuring a person’s assets are protected after they pass away. A trust can be a good option for many families and lead to a person having complete control over their assets after they pass away.