Deciding how to handle your assets in preparation for the future can seem intimidating, and you might be wondering what your options are. While you might initially consider a will, there are some benefits for property trusts in West Palm Beach.
You may think that the will you have is enough and that you won’t need a trust, but that’s often not true. On a surface level, these two documents might seem very similar. Both are legal documents used to distribute your assets after you pass away, but a significant difference between the two is the avoidance of the probate process with a trust.
Probate is often a lengthy process supervised by the court that compiles assets and distributes them after paying off outstanding bills and taxes. When using a trust, your loved ones can skip that step entirely, possibly saving them months – or even years. Money won’t become an issue either. Using a trust bypasses the need for probate costs and travel expenses.
We all like our privacy, and it becomes especially necessary after a loved one passes away. If you put your property in a trust, all of the information will be completely private. If you simply use a will, your loved ones will have to go through the probate process, and since this process happens in court, it will all become public record for everyone to see.
We at Legacy Financial Partners know that dealing with trusts and wills can be a stressful time. At our financial services firm, we will help you every step of the way and are ready to answer any questions you have. Contact us today to schedule a meeting.
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