What are the advantages and disadvantages of a Trust?
Advantages: You avoid Probate:Assets can be readily transferred to beneficiaries without the delays and reporting requirements of a probate. You normally maintain privacy. The trust paperwork usually never becomes a public document. A will, on the other hand, becomes a public document during the probate process.Your affairs are put in order: Many times, when a person dies, they leave a mess for their loved ones to figure out. Assets are not inventoried. Distribution plans are not set forth. No one knows what the decedent wanted to do with the property. So there is a 15-month probate hassle waiting for the beneficiaries. This is completely eliminated by a trust. Assets are inventoried and readily transferable outside the probate process, usually in a matter of days. Distribution wishes are clearly laid out for beneficiaries, so there is less squabbling regarding who is to get what. You take the maximun advantage of tax savings:There are tax savings for couples with sufficient assets to
