If you want to save for your family members when you are still alive and want to assign them your assets, creating trust one of your best bets. Many people believe that they don’t need trust. It depends on the family situation and assets that a person holds. In many cases, trust can serve a number of purposes such as estate tax planning, retirement, financial security, and others. If you are still concerned about trust, you must contact a trusts planning lawyer San Antonio. He should be able to assist you with all queries you might have. Some of the benefits of having trust are mentioned below:
Your assets are protected with trust
In a will, your heirs will own the assets after you die. On the contrary, the trust can protect the assets of your heirs from creditors as it continues to own the assets. In this case, ownership plays a vital role. Your heirs will feel more secure when you have trust.
You will have control over your assets
If you have trust, you can have control over your assets even if you are alive. This way, you can tell how and when they will receive the assets and benefits. In the case of a will, you can assign your properties and assets to your loved ones but you will have little control over when and how they will get them. Besides that, you can set up a trust for specific purposes also such as charitable donations and education.
Trust holds your assets for generations to come
One major benefit of a trust is that your assets will be safe in trust for many generations. Your assets will be transferred to your heirs when your estate is settled. You don’t have to worry about what will happen to your estate if you die or become incapacitated.
Many property holders opt for trust because they want to avoid probate. It is a court process to determine whether the will is valid or not. The trust does not have to go through this process, unlike a will. This way, you will gain high-level privacy about your assets and properties because they will not be made public. Moreover, you will save time, money and effort if you have trust.
To get the best solution for your assets and properties, it is a good idea to hire the best lawyer in town.