If you are still trying to determine the value of establishing a trust, contact our law offices and ask to schedule a free consultation with a qualified legal team member who can answer your questions.
What Are the Benefits of Establishing a Living Trust?
Even though a will can be an essential tool used for estate planning, the assets the decedent leaves behind are subject to the probate process. Additionally, once a will has been probated, the general public can learn what types of assets beneficiaries inherited. Once the public knows the terms of the will, creditors could go after your beneficiaries for outstanding debts.
Conversely, one of the most significant advantages of establishing a living trust is that the property contained within the trust is not subject to probate, and the terms of the trust remain private. However, the assets in the trust are considered to be the property of the trust and not the owner, while the grantor, the person who established the trust, is alive.
Therefore, in Tennessee, the main objective of a trust is to avoid probate. When the grantor passes away, the assets contained within the trust are distributed per the guidelines established when the trust was created. The trustee, the individual tasked with managing the trust, will ensure that all assets and other property are distributed to the rightful heirs and beneficiaries.
Thomas Steelman 
Crow Estate Planning 
Julia Mynhier 
