Trusts in the estate planning realm run the gamut from simple to complex. They can promote beneficiaries’ interests in a narrowly focused way or across broad terrain. They might reasonably seem to lack pronounced utility for some planners, yet be tools of great significance for many estates.
The bottom line with trusts is this: They are generally construed in the estate planning and administration field as broadly useful instruments. The creation of one or more trusts in an estate plan can be advantageous for many reasons, including these:
- Enhanced control for a planner during his or her lifetime
- Impressive protection against creditors and litigation
- Privacy that lacks for an estate going through the probate process
- Reduction in estate and gift taxes
- Applicability under many scenarios, coupled with flexibility allowing for change as necessary
- Ease in understanding and asset distribution for heirs
- Comfort level linked with designated trustee
The deep legal team at the established Pennsylvania estate planning firm of William J. Benz in Southampton helps valued and diverse clients establish tailored trusts that fully promote their personal needs. We underscore on our website that we do so because, “Trusts are flexible, powerful estate planning tools that have many benefits.” The bullet list above only partially spotlights the broad utility of trusts in the planning process.
One common misconception concerning trusts is that they make sense only for wealthy individuals and families.
That is far from the truth. There are many and strong reasons why trust creation benefits planners of all types, including individuals just starting careers, young parents and other parties.
We welcome contacts to the firm and the opportunity to provide further information regarding the vital role that trusts can play in the estate planning process.
