Are Trusts Replacing Wills?
Many people read about the advantages of Trusts over Wills and call to see if it is the route to go for their Estate Planning needs. There are many reasons to consider a trust in addition to a will. Privacy, Estate Taxes and a Disabled child are a few of the reasons. In regards to privacy, if a person is concerned that a family member may object to the contents of their will, I suggest preparing a trust. A trust is a private document that does not get probated in the clerk’s office therefore it remains private between you and your trustee. The only document that gets probated is the pour over will. The pour over will simply states that all assets go to the trust. The only person that needs to see the trust is the trustee. The trust can be shared with whoever the grantor (maker of the trust) would like to share it with but no disclosure is mandatory. This process gives people the peace of mind that their wishes will be carried out upon their death.
Mary Ann Barnes Tucker Griffin Barnes Charlottesville, VA 434-973-7474 www.TGBLaw.com
