4 Facts That Lead Me To Recommending Trusts Over Wills

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When making a recommendation for a Trust-based over a Will-based estate plan...there are some facts that make a Trust a better fit.

Wanting To Avoid Probate

Probate can be a bear, costly, and require duplicative efforts. People interested in avoiding probate are really looking for a trust-based estate plan.

By having a property funding trust, your estate can bypass the courts and be administered with a probate.

Owning Real Property (Land) In More Than One State

A probate is necessary in every state where you own real property.

These other probates, where you own real property, are called ancillary probates. Each ancillary probate will require a court filing fee and an attorney licensed in that state.

Estate Tax Planning

Estate Tax planning is possible with a Will-based estate. However, with a Trust-based estate plan there is more flexibility in the ways we can plan for estate taxes.

Also, by using a trust-based estate plan, the estate is not governed by the court's timeline.

Incapacity Planning

With a properly funded Trust there is no need to rely on a Durable Power of Attorney. 

More often than you would expect, institutions refuse to accept a Durable Power of Attorney. When that happens, often the only solution is getting the courts involved (that means filing fees, and most likley attorney's fees)?