Contrary to popular belief, a last will and testament does not avoid probate. The powers vested by a will are only effective after the person dies and the will is filed with probate court. A trust, on the other hand, becomes effective as soon as it is properly executed and assets are transferred into it.
A trust creates a means in which your executor (known as the successor trustee) can transfer assets to your beneficiaries without the supervision of the court.
A trust does not replace a will.
Most trusts deal only with specific assets such as life insurance or a piece of property that have been transferred into the trust. A will governs the distribution of nearly everything else in your estate, including any property that remains in your name at the time of death.
One of the biggest advantages to a trust is that your heirs can avoid the court’s probate process, which ultimately saves money, stress, and time. A trust also can be used to shield the ownership of a business, protect the inheritance of minor children or special needs beneficiaries, and keep your affairs private.
Contact Glover Court Solutions & Estate Planning for a free, no-obligation consultation.
