What benefits does a trust offer?
A trust offers several benefits. The primary one is it’s a private document. It’s normally not recorded in any public record such as a Probate Court. It is confidential among the settler and his beneficiaries. Another benefit is that upon disability or incapacity he’s set up his successor trustees to manage his assets to pay his bills and handle his estate after he’s gone. Another benefit if you’re fortunate to be in a taxable situation you need trust in order to maximize the unified credit deduction amount and other tax planning opportunities available to wealthy people.