A trust isn’t just something you use to avoid estate taxes. There are many benefits to having a trust when doing estate planning. Aside from cutting down the costs of estate taxes, here are the reasons why you should consider adding a trust when planning your estate:
1. It allows you to put conditions on the bequeathing and distribution of your assets and properties.
If there are conditions that you want to impose when it comes to the distribution of your assets, you can do so when creating a trust. For instance, if you want an underage family member to gain access to his/her inheritance only after he/she turns a legal age, gets married, or gets a job, that can be done with a trust.
2. It allows the distribution of estates without going through the probate process.
The probate process is long and often costly. It can delay the distribution of your assets. About 5-7% of the value of your estate also goes to the probate process. You can avoid that by planning your estate.
3. You can protect your assets from potential lawsuits and from creditors.
Without putting your assets into a trust, the proceeds of the estate can go to creditors. It is also vulnerable to lawsuits. Once they are done with it, what is remaining goes to your surviving family members.
If you don’t want them to suffer from the difficulties of the execution of the estate, put some of your assets into a trust. Get the of an estate lawyer in Vancouver when it comes to effectively putting up a trust. You can rely on an estate lawyer in Vancouver such as Lakes, Whyte LLP.
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