Four Things to Consider About Silent Trusts

It is almost always a good idea to have conversations with your loved ones about what your estate plans are. While some people choose to gather together with family members and discuss these things, other people decide to address these issues in written form. If you decide to implement a silent or quiet trust as part of your estate plan, however, you will not be able to discuss these terms with your loved ones. This is because a silent trust restricts the amount of information that you can share with beneficiaries. If you are wondering if you should  include a silent trust in your estate plan, consider the following useful information.  The Advantages of Silent Trusts The ability to keep the terms of a trust secret provides several substantial benefits, which include: Avoiding beneficiary scrutiny of the investment and management of trust assets Ensuring confidentiality regarding the trust creator’s affairs and estate plans Preventing the disclosure of information regarding the trust’s management of assets Reducing the chances that beneficiaries are subject to fraud or identity theft The Disadvantages of Silent Trusts The most substantial drawback to silent trusts is that they make it impossible to keep beneficiaries informed about your [...]