It’s critical to take all the estate planning steps necessary to ensure that your final wishes are met upon your death. And for that reason, the creation of a living trust may be the right idea.
There are a variety of benefits associated with this estate planning tool, including but not limited to:
- No probate: If you rely solely on a will, your assets will go through the probate process upon your death. This court proceeding can drag on for longer than expected, especially in the event of a will contest. However, with a living trust, this isn’t a concern. Any assets that you house in the trust are not required by law to go through probate, thus making for a faster and more efficient distribution to your heirs.
- Privacy: Many people create a trust because of the privacy protection it provides while they’re living. Just the same, this holds true after death. A will is a public document, which allows anyone and everyone to see what you’ve done with your assets (and how much you had). A trust is never made public.
- It works in the event of incapacity: If you’re incapacitated as the result of an injury or illness, your trustee can take action to manage your estate while you’re unable to do so. Without this, you’re taking a major risk as the court may have to appoint someone to manage your financial affairs until you’re able to step back in. And if they don’t name the right person, it could result in tension between your loved ones and poor decisions that don’t benefit you.
These benefits should provide you a clear idea as to what a living trust can do for you. It’s not necessarily the right choice for everyone, but it should at least be taken into consideration.
Once you learn more about a living trust, you can decide how to work it into your estate plan. Some people move most or all of their assets into a trust, while others only rely on it for some of their assets. You have the flexibility to make decisions that will benefit you, your estate, and your loved ones.
With so much to think about and so many questions to answer, you may require professional guidance when creating a living trust. That’s where we can help. Over the years, we have assisted hundreds of people – just like you – with the creation of a living trust.
Once you contact us, it won’t be long before you’re making a final decision for or against this estate planning tool.
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- Changing “Irrevocable” Trusts Through Judicial and Nonjudicial Modification - October 12, 2021
