Advantages and Disadvantages of Trusts Louisville KY

Before you set up a trust, find out if there are any advantages or disadvantages that may affect your decision.

Local Companies

Northwestern Mutual
502-562-2412
462 South Fourth Avenue
louisville, KY
Walters & Associates, a branch of American Express
502.894.9366
161 St. Matthews Avenue
Louisville, KY
CTX Mortgage
502-899-7022
100 Mallard Creek Road Suite 110
Louisville, KY
Physicians Financial Services II, LLC
502-893-7001
6006 Brownsboro Park Blvd Ste D
Louisville, KY
Hibbs Wealth Management Group, Inc.
502-895-9898
115 S. Sherrin Avennue, Suite 1-A
Louisville, KY
Bluegrass Financial Services, Inc.
502-454-7588
P.O. Box 20066
Louisville, KY
AXA Advisors LLC
502-329-2244
4965 US Highway 42
Louisville, KY
Midwest Tag & Title LLC
812-280-1536
Allison Lane
Jeffersonville, IN
Stock Yards Bank & Trust Co
(502) 625-2282
Louisville, KY
Glenview Trust Company the
(502) 212-7800
4969 US Highway 42
Louisville, KY

Advantages and Disadvantages of Trusts

provided by: 



Before you set up a trust, find out if there are any advantages or disadvantages that may affect your decision.

  • Advantages of a trust
  • Are there any disadvantages of a trust?

Advantages of a trust

A living trust sounds a lot like a will. What are the advantages of a living trust over a simple will?

The biggest advantage of the living trust is that any property transferred to the trust during your lifetime will pass directly to your beneficiaries. The trust property will not have to go through a probate court. The advantages of avoiding probate are that:

(1) no probate fees are due on property passing outside of probate;
(2) the property will pass immediately to the beneficiaries; and
(3) the terms of the trust remain private.

Keep in mind that property disposed of by will passes through probate and is therefore subject to probate fees and the delays normally associated with probate. Furthermore, when a will is probated, it becomes a public document that can be obtained and read by anyone.

A trust is also a good way to make gifts to minor children or to provide for the care of elderly parents. It is also used by people getting on in years who are concerned with their own possible future incapacity.

Are there any disadvantages of a trust?

Aside from the need to draft a trust document and then transfer assets to the trust, there are no serious drawbacks to creating a living trust and placing the bulk of your property in the trust.


Copyright © GotTrouble.com, Inc. All rights reserved.

Click here to read rest of the article

Featured Local Company

Northwestern Mutual

502-562-2412
462 South Fourth Avenue
louisville, KY
www.nmfn.com/tracycrowdus

Related Articles
- Business Equipment: Buying vs. Leasing Louisville KY
Leasing equipment can be a good option for business owners who have limited capital or who need equipment that must be upgraded every few years, while purchasing equipment can be a better option for established businesses or for equipment that has a long usable life. This article provides a look at both options, so you can decide which is best for your unique business.
- Student Loan Debt Consolidation Louisville KY
- Making Good Assumptions Makes A Good Plan Louisville KY
- Online Banking Account Louisville KY
- Hard Money Lenders Louisville KY
- Cash vs. Accrual Accounting Louisville KY
- Getting Rich By Buying Pre-foreclosure Louisville KY
- Credit Card Agents Louisville KY
- Understanding Promissory Notes Louisville KY
- Credit Card Rates Louisville KY
Related Articles
- Business Equipment: Buying vs. Leasing Louisville KY
Leasing equipment can be a good option for business owners who have limited capital or who need equipment that must be upgraded every few years, while purchasing equipment can be a better option for established businesses or for equipment that has a long usable life. This article provides a look at both options, so you can decide which is best for your unique business.
- Student Loan Debt Consolidation Louisville KY
- Making Good Assumptions Makes A Good Plan Louisville KY
- Online Banking Account Louisville KY
- Hard Money Lenders Louisville KY
- Cash vs. Accrual Accounting Louisville KY
- Getting Rich By Buying Pre-foreclosure Louisville KY
- Credit Card Agents Louisville KY
- Understanding Promissory Notes Louisville KY
- Credit Card Rates Louisville KY
Related Local Events
Work Late Wednesdays
Dates: 11/26/2008 - 11/26/2008
Location: Various Locations
Louisville KY
View Details

Work Late Wednesdays
Dates: 12/3/2008 - 12/3/2008
Location: Various Locations
Louisville KY
View Details

Work Late Wednesdays
Dates: 12/10/2008 - 12/10/2008
Location: Various Locations
Louisville KY
View Details

Work Late Wednesdays
Dates: 12/17/2008 - 12/17/2008
Location: Various Locations
Louisville KY
View Details

Work Late Wednesdays
Dates: 12/24/2008 - 12/24/2008
Location: Various Locations
Louisville KY
View Details
Rate Article
     
Articles Insider

Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin

Topics:
Advertising Engineering Home Services Retail & Consumer Services
Business Services Entertainment Industrial Goods & Services Software
Career Family Insurance Technology
Cars Financial Services Internet Telecommunications
Computer Hardware Food & Beverage Legal Transportation & Logistics
Construction Health Pets Travel
Education Home Electronics Real Estate Wedding