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Stephen Beroes, Elizabeth A. Beroes, Julie Elizabeth Beroes, and Shanice Williams
Stephen Beroes, Elizabeth A. Beroes, Julie Elizabeth Beroes, Shanice Williams

How having a trust can help prevent family conflict

On Behalf of | Oct 17, 2024 | Estate And Trust Administration, Estate Planning

Many people think that trusts are only for the ultra-wealthy when, in fact, they are a valuable estate planning tool available to almost everyone. Of course, the more you have, the more you are likely to benefit from having one. One of the many benefits of having a trust is preventing conflict between beneficiaries after you pass away.

How can a trust prevent conflict?

Good question. Setting up a trust can help prevent problems among your beneficiaries by allowing you to:

  • Provide clear, legally binding instructions regarding how you want your assets to be distributed.
  • Set the terms and conditions down to the most minute details, which helps eliminate ambiguity.
  • Appoint an impartial executor or trustee who can ensure your wishes are respected and carried out.

Trusts have many benefits, and there are different types of trusts depending on what you want to use them for. Your estate planning attorney can explain the details and help you decide the best one for you.

Privacy in your decision-making

One of the most essential benefits of having a trust is that it is a private document. Unlike a will, which goes through probate court and becomes a public document, a trust can be established and executed without using probate.

Whether you choose to discuss your wishes with your beneficiaries ahead of time or rely on an executor/trustee to ensure they are carried out and respected, a trust is an excellent way to avoid conflict between beneficiaries in the future, giving you peace of mind today and for the rest of your life.

 

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