- No Probate fees are due on property passing outside of Probate
- The property will pass immediately to the beneficiaries.
- The terms of the Trust remain private.
The three main uses of a Trust are:
- To freeze the value of an estate which has a high asset value. In other words, if the author of the Trust transfers an asset to a Trust, the asset’s value does not grow in his hands, which would increase the amount of Trust that will have to be paid on his death.
- To hold and protect assets for minors/incapacitated dependents.
- To protect assets in the event of insolvency. Creditors cannot claim money held in a Trust.