Flexibleness is the main reason why estate holders should select a trust over wills and insurance coverages. As mentioned earlier, any type of asset can be placed inside the trust, be it land, houses, cash, stocks or bonds. Even items like artwork or automobiles may be used in trusts. In addition to the lack of restrictions on assets, trusts can be intended to serve any sort of reason. For instance, it can be used to build funds for the beneficiaries’ education, establish a business, or disperse certain assets each time a certain condition is achieved.
In addition to being flexible, trusts are a particularly appealing option for protecting assets. Items put in a trust should not be taken by creditors in case there is lawsuits against trustors. These contracts also protect personal assets from getting divided or taken by spouses should the trustor undergoes separation and divorce. Furthermore, assets in trusts will not be subject to tax, guarding trustors from liability for virtually any income or capital gains taxes.
Finally, trusts are confidential. They don't go through the probate process because assets placed in trusts are no longer owned by trustors. Simply because probate is not needed, any situations and items held within the contract are out from the public record. This gives estate holders to peacefully produce their conditions and implement them as desired.
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