Trusts can be far more complicated than a Will, but they can carry significant advantages:
a) Avoid Probate – In order to transfer assets through a Will, your estate must go through Probate, which most people want to avoid since it is expensive, time consuming, and all aspects of your property to be distributed becomes available to the public.
b) Control Inheritances – With a will, your beneficiaries receive the assets upon your death. With a trust, beneficiaries can receive their inheritance over time, when they reach a certain age, or when they meet certain conditions set by you.
c) Shield Your Assets From Creditors – This works for both your creditors as well as the creditors of your named beneficiaries.
d) Tax Benefits – Trusts can be structured in a fashion in order to reduce your personal tax liability as you fund it, avoid capital gains tax, as well as other countless benefits.
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