There are many estate planning tools that you should consider, with a living trust at the top of the list. It’s not the right choice for everyone at every stage of their life, but you may soon come to find that it suits your many requirements.
A living trust is designed to hold your assets while you’re living, while transferring them to your designated beneficiaries upon your death.
There are a variety of benefits of a living trust, with these three among the most appealing:
- No probate: When you rely solely on a will, your assets are required by law to go through the probate process. Not only is this court process time consuming, but it’s also costly. Add in the fact that a will contest can further complicate things, and it’s easy to see why a living trust may be the right decision.
- Privacy protection: If you’re the private type, it’s safe to assume that you want this to hold true in regards to your estate plan and the distribution of assets. A living trust provides you with a high level of privacy protection, as it doesn’t become part of the public record upon your death. This is in contrast to a will, which is public record, which allows anyone to review the terms and conditions, such as the value of your estate and where your assets ended up.
- Incapacity planning: There’s more to an estate plan than deciding where your assets go upon your passing. Incapacity planning is also critical, and a living trust can help with that. If an injury or illness results in incapacity, your trustee has the power to immediately assume the management of your affairs without a court order.
If you’re interested in taking advantage of these three benefits, the best way of doing so is through the creation of a living trust. Should you need any assistance creating a living trust, contact us so we can guide you through the process.