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Trusts can add privacy and provide control

Before deciding which tools to use in their estate plans, Arkansas residents may want to gain more information. Though they may already know that a will is a useful document, they may hesitate when it comes to using trusts. However, this planning tool can provide important benefits for anyone creating an estate plan.

First, a trust can provide additional privacy, which is important to most people. With just a will, the remaining estate will go through probate proceedings that become part of the public record. As a result, any interested party could look into the estate's final affairs. If individuals would rather their personal business remain out of the public eye, using a trust to transfer assets can help. Assets in a trust do not go through probate proceedings and instead pass directly to the named beneficiaries, better ensuring that potentially sensitive information remains private.

In addition to added privacy, a trust could allow more control when it comes to the distribution of property. In a will, a beneficiary receives a bequest in full, often without parameters, but with a trust, a person can provide constraints over when the beneficiary can receive the assets and how they can be used. As a result, the person may have less concern over how the beneficiary will use the bequest.

Of course, these two benefits do not show the vast extent to which trusts could bolster estate plans and help Arkansas residents carry out their wishes. As a result, it may be a smart step for interested individuals to gain more information on this planning tool. Speaking with knowledgeable legal professionals could allow parties to obtain useful insight into using this option.

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