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Trusts are useful tools for avoiding probate

Probate can be a long and complicated process. In many cases, assets associated with the estate can be diminished through this process due to fees and other expenses. However, trusts could help interested Arkansas residents avoid probate and better protect assets for the future.

Trusts can help avoid probate and protect assets because property funded to the trust is removed from the estate. As a result, the testator technically no longer has ownership of the assets, depending on the type of trust used. A revocable trust could allow the testator to change details if necessary, such as if adjustments need to be made to account for a new beneficiary or change in marital status. Additionally, trusts can help the process of settling an estate go more quickly because probate is not needed.

Trusts can also allow individuals to provide specific instructions on how assets should be distributed. As a result, there may be less opportunity for conflict. Beneficiaries may be able to directly receive the assets bequeathed to them without having to wait until all the matters of the estate are settled. If assets are not immediately distributed, the trust can still provide asset protection for the beneficiaries.

Trusts have many uses, and avoiding probate is just one way that having a trust could benefit Arkansas residents. If parties are uncertain about whether avoiding probate is right for their estates or they have questions about properly avoiding the process, they may wish to discuss the matter with knowledgeable attorneys. The information they obtain could help them determine whether utilizing this planning tool could benefit them.

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