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Asset protection while you are living

Most people are more familiar with the mechanism of a last will and testament than they are with family trusts. But this doesn't necessarily mean a will is the best choice for transferring your home, your fortune, and other aspects of your estate to beneficiaries. In fact, if you want to properly protect your young family's future, you should know that a trust is usually the better choice. What you may not know is exactly why you should choose a trust instead of a will when it comes to estate planning.

Wills in probate can be contested

If you have a home and other valuables that you want to pass on to your young family in the event of your untimely demise, then asset protection is the name of the game. And a will may not adequately protect your interests and your desires. Certainly, you create a will with the intention of passing along your home and your worldly belongings to specific beneficiaries. But wills are subject to probate. This means that they can be contested and that your wishes may not end up being carried out as specified in your will.

Assets placed in trust are not subject to probate

This is not the case with a trust. For example, when you place your property in a family home trust, you are, in essence, removing your claim to it. You'll have control and continued use of any assets you place in trust until such a time as your death, after which your named beneficiaries will take possession. In this case, there is nothing to be contested. The assets placed in trust are not subject to probate. They are protected from your debt collectors, other family members, and anyone else who might try to lay claim to them in the wake of your passing.

Protection if you are somehow incapacitated

A trust also allows you to protect your family home and other assets in the event that you are somehow incapacitated or otherwise incapable of making financial and legal decisions on your own behalf. You can make provisions for such a scenario to ensure your own welfare and that of your beneficiaries. The only potential drawback of a trust, as opposed to a will, is the cost. But these days the price can be mitigated in a number of ways.

Why not get your family home protected?

For example, you can protect your main asset by setting up a home trust online, saving you both time and money. You can also place non-income-earning assets in trust reducing ongoing maintenance (and associated fees). In short, if you have not yet considered placing your family home in trust, now is the time to explore your options.

So why not learn more and register with TrustUs today. 

Its in your hands.