There are four reasons a trust is preferred over having simply a Last Will and Testament or no Will at all, and thereby dying intestate.
1) Privacy: Your distribution plan remains private because, unlike a Last Will and Testament, the trust is not filed with the court and does not become a public record.
2) Quick Distribution: The trust and trust estate is not subject to the numerous delays that the probate procedure, court supervision, and court approval require.
3) Avoids Probate: The trust estate distribution process by-passes probate and completely avoids the costs of probate. There is no need to pay the Probate Court Filing Fees, the Attorney Statutory Fee, and the Personal Representative's Commission.
4) Shelter Estate Assets from Estate Taxes: Married couples, by using the benefits of the individual's Life Time Estate Tax Exemption, can shelter their estate by the total of the combined Estate Tax Exemption.
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