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Reasons to Consider a Trust for Your Family

Posted by Arthur McDonough | Jan 14, 2020 | 0 Comments

Avoid probate - There are many reasons why it makes sense to create a trust for your family.  In the State of California, estates greater than $150,000, or any property valued at more than $50,000 must go through probate.  The probate process is time-consuming, expensive, and burdensome for your family.  Probate can be avoided with the creation of a simple living trust.  There are many other reasons to create a living trust!

Control over distribution - If death occurs and distribution happens under a will, the children inherit assets on their 18th birthdays.  A living trust gives the trustee the ability to determine how and when a child will inherit.

Asset Protection - Placing an inheritance in a trust ensures that those assets are protected from your creditors. Additional protection can be gained from a Lifetime Asset Protection or Dynasty Trust.

Protect inheritance for children of prior marriage - A trust can provide for your spouse and children from a previous marriage.

Protect inheritance from spouse's future marriage - A trust can also protect assets for your children in the event that your spouse remarries after your death.

Provide for Medicaid – Assets can be placed in trust to allow the grantor to qualify for Medicaid.

Provide for Special needs – Leaving assets to a child with special needs could disqualify them from receiving important government benefits.

Protect privacy.  Once a will is entered into probate, it becomes public record. A trust, on the other hand, is a private document that offers an additional layer of protection for your family's privacy.

About the Author

Arthur McDonough

Arthur McDonough attended Villanova University and graduated with a degree in Business Administration.  He then attended New York Law School and passed the New York Bar Exam.  After graduating from law school Arthur worked as a litigator in New York City for five years where he handled a wide ...

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