I Already Have a Will & My Attorney Told Me I Don’t Need a Trust

Understanding the Importance of a Trust

The primary reasons for a trust are:

1. To avoid probate.

2. To provide protection.

   
   

Unlike a living trust, a will does not avoid probate. In fact, a will is not valid until a probate judge “proves” or validates it. The second aspect is protection. While most trusts do not offer any protection from creditors, quality trusts like the ones offered by CompleteMyEstatePlan include every protection available. This gives you peace of mind with your estate plan.

Many trusts contain what is known as a "spendthrift" provision. This provision essentially states that the inheritance will not be available for the claims of the beneficiary's creditors. While this provision can be effective after the trust creator dies but before the beneficiary receives the inheritance, it almost always fails to protect after the beneficiary has received the inheritance. This is true even if the funds are still held in the trust.

Protecting the inheritance during the short trust settlement period is one thing; protecting it for the lifetime of the beneficiary is another. CompleteMyEstatePlan ensures your trust beneficiaries have all the protections available for their entire lives. Coupled with our free lifetime customer support, you and your family will have the protections and peace of mind to last generations.

Protection when its needed; no burden when its not. These provisions are simply additional "tools" that can be implemented when the time comes. Ever need a tool but can't find the right one? CompleteMyEstatePlan's documents have all the provisions ("tools") needed for every protection available. Contrary to most armchair opinions, these provisions, when not being used, do not cause any burden or confusion and don't affect the inheritance when remaining "in the toolbox". However, when a problem arises, having the right "tools" is invaluable - especially when protecting your inheritance.

Again, CompleteMyEstatePlan trusts contain protective provisions that provide maximum protection both before and after the beneficiary receives their share of the trust estate. This ensures that the inheritance goes to the beneficiaries as you intended. This post-distribution protection is just one of the many ways we differentiate ourselves from the competition—offering top-tier estate plans at the lowest online prices.

What is Probate?

Probate is the court-supervised process of proving a will, appointing an executor, and settling an estate. This process ensures your debts are paid and assets are distributed according to your will. However, probate can be an expensive process. It often delays distributions to your heirs for months or even years. Moreover, it is a public process, allowing others to view the settlement of your estate.

Do I Lose Control with a Trust?

Absolutely not. You remain in full control over all of your assets. In fact, nothing changes financially for you when you have a trust. Your taxes, account transactions, and day-to-day activities remain unchanged.

What Happens at Incapacity?

If you have a will or don’t have one, the court will take control of your assets when you become incapacitated. This situation can lead to immense court costs and legal fees that are often impossible to estimate. These costs frequently exceed the cost of probate! Remember, the asset still must be probated when you die, making it go through the court system twice.

What If I Have Minor Children?

If you have minor children, it is imperative for you to:

1. Name guardians of your children in a Last Will and Testament.

2. Create a Trust to name the person(s) to manage and distribute the inheritance to your children according to your rules and suggestions.

   
   

Remember, a will must go through probate, whereas a trust avoids it. While the appointment of guardians for your children will require probate court, management of your children's inheritance is best left outside of court and under your rules from a trust.

Even when your children are no longer minors, trusts can still provide value and benefits, such as protecting the inheritance. While most online estate plan providers (and many law firms) do not include protective provisions within their trust documents, here at CompleteMyEstatePlan, we ensure your trust documents contain every protection available.

If a trust is placed inside of a will, it is called a "Testamentary Trust" and does not avoid probate. A Revocable or Living Trust is a separate document (not inside of a will) and avoids probate. Moreover, most Testamentary Trusts (and many Living Trusts) do not contain all of the vital protections that ensure your children's inheritance stays with them. CompleteMyEstatePlan.com can guide you through setting up both of these documents, offering suggestions and providing top-tier, law-firm-quality documents from our legal professionals.

If you have a trust and are married, your spouse will still have instant control over the trust assets. If you are single, your named trustee will immediately step in to manage your assets until you are no longer incapacitated. Then, you regain control instantly! Moreover, CompleteMyEstatePlan.com ensures your trust has all the protections available to safeguard the inheritance for your heirs. This is the most important and often overlooked aspect of a quality trust.

Conclusion

In summary, having a will is important, but it may not be enough to protect your assets and provide for your loved ones. A trust offers significant advantages, including avoiding probate and providing ongoing protection for your beneficiaries. With CompleteMyEstatePlan, you can create a comprehensive estate plan that meets your needs and ensures your family is protected from common legal pitfalls. Don't leave your family's future to chance; take control today.