The Pro’s and Con’s of a Trust

It can be hard for someone to sit down and plan and prepare for their passing, but if you have property, assets, and other valuable things, it is important that you decide how to dispose of them. A person can create a Sun City trust by establishing one in their will or creating a living trust. The assets will remain in the trust until you have passed, the beneficiary or beneficiaries, you have listed, reach a certain age. There are pros and cons to establishing a trust, however.

A Sun City trust can be helpful because it can sometimes be more efficient than a will. Having a trust can avoid the estate taxes, not completely, but avoid some of estate taxes that can be assessed with having a will. A trust can allow you to set up how the beneficiary receives the assets, such as if the beneficiary is to receive a large amount of money, than you set up how and when the beneficiary will receive the money or how you want them to use it, such as for higher education or towards the purchase of their own home. The privacy of a trust is also nice, it allows, only you, the trustee, and the beneficiary to know who these people are and what and how much they will receive.

One of the cons to a trust is that it takes a lot of money to pay for the legal fees associated with creating a trust, more than it would to create a will. Once you have created your Sun City trust create one, you cannot revoke it. The only way to revoke a trust would be to create a revocable trust, which allows you to change how the assets are dispersed, as well as change the beneficiary. There is also the complication of being able to maintain the property during your life and then selecting a trustee to remain maintaining the property after your passing, until the property is handed over to the beneficiary.

When it comes to setting up a Sun City trust be sure you know what it is you want to happen exactly with your assets. Be aware of what assets you have and how they are being handled.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.