DO I REALLY NEED TO CREATE A COMPLICATED TRUST?
Aug. 31, 2017
Many residents of Bryan, Texas, and the surrounding area have probably heard lots of different people discussing the great benefit of trusts. For one, they keep an estate out of probate when a person dies. Also, they can, if drafted correctly, help people avoid some tax-related issues.
On the flip side, though, probate is not always such a terrible thing. While it involves some time and expense, when there is no litigation involved, it can be a relatively straightforward process which some might come to appreciate as a good, fair way to make sure that an estate gets handled fairly and according to the will. It need not involve lots of court hearings and similar issues.
Furthermore, just because a trust does not go through a probate court, it does not mean that a trust cannot get challenged in some way in court. If a trust does get challenged, the ensuing litigation could take months or even years and thousands of dollars to resolve, much like a complicated probate matter.
The reality is that whether a person needs a trust is going to depend greatly on his or her individual situation and goals. In many cases, a person may need only to sign a carefully prepared will in order to accomplish his or her estate planning goals.
While creating a trust does have its advantages, sometimes they are not the best thing a person can do when it comes transferring their wealth to the next generation. If anything, the question of whether or not to have a trust may be best answered by an experienced attorney in the Bryan area.