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)?

About the Author Donald Rolfe

Father, husband, entrepreneur, and owner of a trivia filled brain. I help families and individuals plan for the unexpected and end of life. Schedule a Complimentary Strategy Session to chat with me, get answers to your questions, and find out about your Estate Plan options.

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