Get Your Assets To Your Loved Ones Safely With A Living Trust
The living trust is one of the most popular estate planning tools among Americans. An estimated 20 percent of all Americans have living trusts as part of their estate plans.
But what exactly does a living trust do, and what types of benefits does it provide to you for your estate planning?
Living trusts are Designed To Hold Your Assets in a trust during your lifetime. Upon your death, these assets get transferred to or managed for your chosen beneficiaries, with facilitation by your selected trustee. The terms of a revocable living trust can change at any time and you can even cancel it entirely.
Here are just a few of the biggest benefits associated with this type of trust:
- Avoiding Probate: Probate is the process overseen by the court that involves the distribution of your estate assets after you pass away. Probate can become lengthy and costly, depending on the size of your estate and the people involved, which could reduce inheritances and cause unwanted delays. By putting your property in a living trust AND not relying on a will, you can bypass the probate process because the trust shields those assets from court intervention. This allows you to have greater control over the Distribution of your Assets and prevent your heirs from having to deal with the courts as much.
- Financial Savings: Living trusts will reduce probate expenses, and also hold up better to potential challenges when compared to wills. While there is a bit of a larger initial expense associated with creating a trust, it will help you save money in the long run.
- Greater Privacy: The contents of a will are always made public record. However, because trusts avoid probate, their contents also remain private. Therefore, if you want to protect your privacy with regard to what assets you leave behind to your heirs, a living trust is one of the best vehicles you have to make that happen.
- Protection in the Event of Incapacitation: If you become sick or have an accident and are no longer able to make your own estate-related decisions, the person you choose to operate as your Successor Trustee is able to manage your estate’s affairs without court interference. Then, if you get better, you will be able to regain control over your assets.
- Peace of Mind: A living trust provides you with a clear plan that will help you deal with all of your Estate’s Assets. You won’t have to worry about accidentally disinheriting one of your loved ones, you’ll be able to arrange care for a loved one with special needs, and you’ll be able to maintain control over how all trust assets are distributed among your heirs. All of this serves to provide you with much greater peace of mind.
For more information about the benefits of a living trust and how you can set one up for your legal estate, contact us at Baker Law Group, P.C. today online or call our office at 1.800.701.0352 to set up an appointment.