Trusts have gotten a bad name in the Internet postings over the past few years. Some government agencies even state that trusts are not needed any more!
Trusts are a very important vehicle for your wealth .. to protect it, to transfer it, and to manage it. Some reasons to use a living trust include such things as to:
- Manage property during incapacity (the Will simply distributes at death);
- Avoid probate (which can cost in the neighborhood of 5-6% of the estate value);
- Reduce time before funds or assets are available to the beneficiaries;
- Protect beneficiaries from creditors; and
- Maintain privacy as to the size and contents of your estate.
You might also need an irrevocable trust to remove assets from your estate to qualify for certain public benefits, including the VA Aid and Attendance pension.