Even If There's A Will You May Still Need Another Way
If you have minor children, one of your biggest concerns is likely to make sure they are cared for if the unthinkable happens. You may have already taken an important step by naming a guardian in your Will, but that is only part of the plan.
A Will can include trust provisions, but it still has to go through probate before any assets can be distributed or the trust can be funded. A stand-alone Trust, by contrast, can be funded during your lifetime and avoid probate altogether. That means it can often provide a faster, more private and more flexible way to manage and protect assets for your loved ones.
3 Reasons to Consider a Stand-Alone Trust Today:
The Safety Net: A stand-alone Trust can be funded now, so it is ready when your family needs it. You can set rules for how funds are used, including distributions tied to milestones such as graduating college or reaching a certain age.
Privacy & Speed: Because a stand-alone Trust avoids probate, your family may have quicker access to assets and more privacy in the process. A trust created under a Will cannot begin working until after probate is complete.
Protection from the Unexpected: A stand-alone trust can provide added protection from future creditors, lawsuits, or a future divorce, depending on how it is drafted, while also allowing you to build in those protections now instead of waiting for them to take effect later under a Will.
The Bottom Line: A Will can point the way, but a stand-alone Trust can help carry out the plan more efficiently and with more flexibility. For many families, the best approach is not one or the other, but both working together.
Selected excerpt(s), linked blog article and photo courtesy of Schwartz Ettenger, PLLC.
Don’t leave your legacy to chance. Reach out to Marci Goldfarb, Esq. at 631-777-2401 or email msg@selawny.com today to protect your family’s tomorrow.
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