Will vs. Probate: Why Your Estate Plan May Need More | Trust Planning Tips

Trusts also offer many additional benefits, such as providing continuity of financial management of your accounts if you are incapacitated, and offer better control over how and when your assets are distributed. You can ensure your beneficiaries receive their inheritance under terms that reflect your wishes. Trusts may also help minimize estate taxes and shield assets from creditors. Typically, if you do not have a trust, creditors can go after anything that you owned at the time of your death, in efforts to pay the outstanding debts. Trusts also offer a degree of divorce protection for the beneficiaries. 

Most people incorrectly think that having a will means their estate will avoid probate and costs associated with it. While a will is an important part of a comprehensive estate plan, a will does not prevent your estate from going through probate—a court process that can be time-consuming, costly, and stressful for your family.

Probate is required to validate your will and appoint a personal representative to oversee the distribution of your assets to your beneficiaries. Unfortunately, this process often delays access to funds, makes personal details described in the will public, and creates unnecessary burdens for your loved ones. To avoid probate and simplify matters for your family, you will need more than just a will, you will need a comprehensive estate plan which includes trust as well. 

Pairing your will with a trust is one of the best ways to protect your assets from unnecessary legal fees and ensure a smoother transition for your beneficiaries. A trust allows you to transfer ownership of assets immediately, or when desired, bypassing probate entirely. This means your loved ones can access what they need faster, with more privacy, and fewer legal obstacles and costs.

At Long Hagan Huff-Harris, we help individuals, families, and business owners create estate plans that do more than cover the basics. Our team can assist you in taking proactive steps to safeguard your assets and provide peace of mind for those you care about most. Contact us today to explore your estate planning options.

www.LHHLegal.com or 617-752-2654.