Setting up a trust can be time-consuming and there is no doubt that even the simplest trust takes some work to create. However, taking the time and making the effort is worth it.
A common question people have when they start to think about estate planning is whether it is worth the effort to create a trust. Just drafting a will is a lot simpler in most cases for the person doing the plan. Creating the trust requires funding the trust, which means that you have to transfer your assets into the trust.
If you just get a will, then you do not have to bother with any of that. However, if you are going to go to the effort of getting an estate plan, then you might as well make the effort of getting the best estate plan you can.
Taking the time to create a trust is almost always worth it as the Green Bay Press-Gazette explains in “Setting up a trust is worth the work.”
The two biggest advantages to a trust are that the trust makes it easier for you to control how your assets are used and distributed after you pass away. Moreover, a trust is much easier for your heirs to deal with after you pass away versus going through probate to sort out a will.
There are other advantages as well, such as keeping the details of your estate unavailable to the general public.
Even though a trust does take more effort to create than a will, the truth is that most of that effort can and should be done by an estate planning attorney. The attorney can make sure everything is set up properly and can normally assist in transferring assets into the trust.
In the end, getting a trust does not have to be that much more work for you.
Reference: Green Bay Press-Gazette (Aug. 29, 2016) “Setting up a trust is worth the work”