- Centralized hub for managing your assets (trustee named in trust holds legal title to properties in trust)
- Allow preservation of wealth (each state has unclaimed properties because people forget what type of assets they own)
- Ability to determine the way you like your assets to be transferred, so your assets don’t end up with wrong people (the blood relative you dislike the most) or too early (outright distribution to 18 year old)
- Minimize legal fees and taxes – attorney’s fees and court costs related to probate
- Designate power to act on your behalf if you become incapacitated without court appointment of guardianship (lengthy and possibly costly)
- Designate guardians for your minor children so they don’t end up in the custody of strangers (Child Protective Service)
- Maintaining privacy with a trust-based estate plan (wills become public record after probate)
Becoming a parent is a common motivator for adults to consider estate planning to plan for their children. With proper planning, your children and loved ones will be well taken care of after you are gone. However, estate planning requires periodic review to ensure the plans continue to work as you initially intended.