What Benefits Does a Trust Offer?
Speaker 1: There are a number of benefits to having a trust over a traditional will. If you have a will and it's been probated, it's a costly, time consuming process. Also, it's a public record and some people don't like that. Also, if you have a trust, if you become incapacitated, the assets that are titled in the name of the trust can be handled by the person you named as a successor trustee without the need to go for a guardianship. If you have property in another state and that property's titled in the name of the trust, you don't have to file for probate in that other state. If you have a business, the shares of your business can be titled in the name of the trust and then there's no interruption in the operation of that business when you die.