Advantages and Disadvantages of Trusts West Lafayette IN

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

Local Companies

Huntington National Bank
(765) 463-5722
West Lafayette, IN
Fifth Third Bank
(765) 463-7571
500 Sagamore Pkwy W
West Lafayette, IN
Purdue Employees Federal Credit Union (Pefcu)
(765) 497-3328
West Lafayette, IN
Fifth Third Investment Advisors
(765) 463-7571
500 Sagamore Pkwy W
West Lafayette, IN
Huntington National Bank
(765) 463-5722
2405 N Salisbury St
West Lafayette, IN
Regions Bank
(765) 476-8239
2741 N Salisbury St
West Lafayette, IN
Lafayette Bank and Trust Company
(765) 423-7162
2329 N Salisbury St
West Lafayette, IN
Lafayette Savings Bank
(765) 463-4222
1020 Sagamore Pkwy W
West Lafayette, IN
Nbd Bank Na
(765) 476-8201
2496 Sycamore Ln
West Lafayette, IN
Regions Bank
(765) 476-7800
2496 Sycamore Ln
West Lafayette, IN

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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.


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