Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Friday, March 28, 2014

6 Advantages a Will Does Not Give You

TrusttileA will is an effective estate planning document. Adding a trust to your will is important to give you the following benefits and protections:

  1. Avoid probate- A trust will bypass probate, which will save your family members money.
  2. Provide for a person with special needs-Dependants with special needs can protect assets without ruining eligibility for government benefits.
  3. Privacy-A trust is private. 
  4. Blended families- A trust provides flexibility for blended families.
  5. Out-of-State property- If you own real property in another state transferring the property using a trust is easier than transferring property in a will.
  6. Asset protection - Using a trust will protect your assets from creditors.

See Bonnie Bowies, 6 Ways a Trust is Better Than A Will, Denver Estate Planning Examiner, Mar. 18, 2014.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.

http://lawprofessors.typepad.com/trusts_estates_prof/2014/03/6-advantages-a-will-does-not-give-you.html

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Comments

Mind if I hand out copies of this at a Financial Planning Association meeting here in Fort Lauderdale in April?

GWB: You will need to ask the author of the article directly.

Posted by: Harriet Brackey CFP | Mar 31, 2014 8:45:09 AM

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