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Benefits for incorporating trusts into an estate plan

Most people understand the benefits of a general estate plan. It protects loved ones from duking it over assets in court, and it also allows you to fulfill any final wishes after passing. However, most people aren't aware of the benefits that trusts provide.

Trusts are incredibly useful tools for any Tennessee resident, especially if you pick the right trust for your family. But what exactly do trusts provide?

Four benefits of developing a trust

There are four main benefits that trusts offer estate planners, including:

· Avoiding probate - A will has to be approved by the probate court judge to be placed in effect.  This gives family and friends an opportunity to contest the will. However, a trust does not have to be approved by the probate court judge to be placed in effect.  A trust is effective when you sign it.  Therefore there is less opportunity to contest the trust by family and friends.

· Distributes property easily - Along with avoiding court, trusts allow planners to distribute their assets easily among friends or other beneficiaries.

· Protects your privacy - A trust is not public information, so you won't have to worry about your private details being leaked through public records.

· Saving money for your trustees - You will help family members and other beneficiaries save thousands of dollars through attorney fees and court costs.

These are just the main benefits of incorporating a trust into your estate plan. There are specific types of trusts that will allow you tax benefits or other incentives for your family, such as special needs trusts.

The right trust for you

If you decide to implement a trust, make sure you are selecting the right trust for your interests. Some of the most common trusts include charitable trusts, asset protection trusts and community property trusts.

Find a legal expert who can guide you in the right direction for what trust to develop and start an easier path for your estate plan.

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    “I recently moved to TN from MN and needed to re-do my trust documents, including a pet trust, to be compliant with TN law, and to find an entity able to act as my trustee. Russ and his staff were able to answer all of my questions quickly and efficiently, and I am comfortable and confident in Russ's representation and that my new documents will act as they are intended, when the time comes. They even put me in touch with a trustee who was involved in the process as well, which was so helpful. This was a big item on my move "to-do" list, and I am so pleased to have it completed!”

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    “Experienced, Knowledgeable, Friendly, Professionals all work here. I'm grateful my parents used this firm to create and maintain their Trust throughout the years. Working with the folks at Russ Cook & Associates, primarily Alex, Debby and Trina made the process comfortable working through Probate, Estate assets and Executing the Trust.”

    - Kemp S.
  • Star

    “Excellent work. They worked with us and never allowed us to miss a deadline. We definitely appreciated their help and would gladly recommend them to anyone seeking help with their estate planning.”

    - Mark S.
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    - June S.
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    “Being new to the area having moved from out of state, I was searching for an attorney to assist in elder estate planning for my mother. I was referred to Russ Cook & Associates and found the firm as a whole and Russ Cook himself to be very helpful and accommodating to my needs, as well as experienced and very knowledgeable on the matter I was seeking assistance. I would definitely recommend Russ Cook and Associates.”

    - Brad H.
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    “I have been a client for many years. Russ and his staff listen to our concerns, come up with a plan and help us act on it with guidance and professionalism. I'd highly recommend Russ Cook and Associates.”

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5141 Virginia Way
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Brentwood, TN 37027

Phone: 615-200-9117
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