What are the advantages of having a trust?
- June 2, 2021
- David Greene
- Comments Off on What are the advantages of having a trust?
First, one of the main advantages of having a trust is the avoidnace of probate. There are certainly other advantages as well. It can help insure passing of assets to children in the aftermath of a divorce, for instance when one spouse has separate assets and does not want them comingled with marital assets. Also, if a trustor, trustee or beneficiary moves to another state, it is easier to move the situs of the trust wthout worrying about the laws of the new state. If one spouse is the caregiver for the other or a disabled child and becomes ill himself, a trust can insure that the required help will be available even if the first spouse can no longer give the help firsthand. Furthermore, a trust can act as a very effective deterrent to identity theft. Finally, a trust is the best way to ensure continuing care for the trustor as he/she gets older.