Assets you transfer into a Trust will no longer be held in your personal name. Therefore, they will not be frozen after your lifetime and subject to probate. This provides greater security for your assets in unforeseen circumstances, making a trust an extremely useful tool in succession planning and wealth protection. Key differences between a Trust and will include:
-
A Trust is a confidential arrangement, a will is a public document
-
A Trust Distribution plan is private, a will Distribution plan is public
-
A Trust Avoids the probate process, a will Goes through the probate process
-
A Trust Protects assets, a will Open to challenge
-
A Trust Provides long-term distribution in a flexible manner, in the best interest of the beneficiaries, a will Fixed and inflexible