Why should I have a trust? Part II
- Trusts Avoid Probate in the Event of Death. All assets held in the revocable trust at your death will pass to your beneficiaries without probate. This avoids all court costs and expenses, publicity, delay and restrictions on the management of your assets that would result if your estate were to pass through probate.
- Trusts have Lower Administration Expenses. There are many requirements of the probate court that will not be necessary with your trust, such as the court filing fees, surety bond premiums, and the minimum executor and attorney’s fees. There will be expenses of administering a trust; however, all fees will be related to the actual work done rather than a minimum percentage set by state law.
- A Trust Keeps Your Business Private and Avoids Publicity. A revocable trust need not be filed with any court, and the assets in a trust need not be reported to any court, probate office or become part of the public record. A revocable trust provides you and your beneficiaries with privacy regarding your finances and the details of your property, assets and affairs. This is especially important when most probate courts records are accessible online by the general public.
Call us today at 573-441-9000 to learn how you can protect your assets and provide for your family with a trust.
Don’t forget to read Part III of this post.