A testamentary trust can control your assets after death

Not everyone wants to leave heirs with unfettered access to the wealth they’ve accumulated over the course of a lifetime

Trusts are created to hold assets, and money in a trust is managed according to the wishes of the person who created it

Once the trust has been created, a person’s assets are placed into it and then distributed as designated by its legal documentation

A revocable trust is created outside of probate,” says Patrick Simasko, elder law attorney and wealth preservation specialist with Simasko Law in Mount Clemens

Both testamentary trusts and living trusts are used for estate planning, but Simasko says a living trust is more flexible and can have lower long-term costs

“The good part about it is that there is a lot more court oversight,” Simasko says. The bad part is court oversight doesn’t come cheap

Going through probate court can also mean a loss of privacy. “Anything filed in probate becomes public record,” says Donald Kress