What are the advantages of having a trust?
The advantages of having a trust are: (1) the grantor may have control over the property, including after the grantor’s death; (2) the grantor may restrict access to the property; (3) the trust provides professional management/investment; (4) the trust provides for responsibility and accountability; (5) the trust may remove the property from estate taxation; (6) the trust may qualify for tax benefits; (7) the trust gives the grantor some flexibility, discretion, and control; (8) the trust provides for asset protection; the trust may also allow for multiple state tax planning; (9) and the trust gives the family the financial privacy that is not available in a will, which when probated becomes public record.
