You may think that a trust is only for the rich and famous. The fact is, you don’t have to have a whole lot of wealth to consider a trust. Trusts can provide many things that a regular will or estate planning may not be able to cover. Here are two reasons you may want to consider a trust.

Keep Your Estate Private

Yes, your will can make sure that your assets are transferred in the manner that you wish them to be distributed. The probate of a will is a matter of public record and can be seen by whomever would like to look it up. If you want to keep the details out of the hands of your nosy neighbors or other prying eyes a trust is a better option. A trust will preserve your privacy and none of the details of the estate is public.

Trust While Incapacitated

While you may consider yourself covered by the fact you have named a Power of Attorney, the truth is in many cases your representative can have a hard time representing you. Banks, investment firms and other financial institutions are liable if they mishandle your assets. This makes them reluctant to deal with your representative in some cases. Critical needs can be tied up with requests for more documentation or details. A trust bypasses that and provides and official channel for dealing with these issues.

For assistance in setting up a trust for your estate, contact Stano Law group.