There are many ways to approach the estate planning process, with the creation of a living trust once of the most common. With this, you have the opportunity to move your assets into a trust while you’re living. Furthermore, it’s a great tool for incapacity planning, as it can kick in if you’re unable to make your own decisions.
Let’s dive into three additional benefits of a living trust:
- No probate: With a will, your assets will go through the probate process — as outlined by your state — upon your death. Not only does this cost money, but it’s a time-consuming process. And that’s even more so the case in the event of a will contest. Assets in a living trust are not subject to probate.
- Privacy protection: Many people don’t know that a will is public record. That means that anyone who wants to review it has the power to do so. A living trust is not public record, which provides you with a greater level of privacy.
- Peace of mind: A big part of estate planning is making decisions that give you peace of mind, both now and in the future. Just the same, you want to make decisions that put your loved ones at ease. A living trust does just that, thanks to benefits such as probate avoidance and privacy protection. If your estate plan causes more stress than it relieves, something is wrong. A living trust may be able to address some or all of your concerns.
Now that you understand some of the benefits of a living trust, you can decide if it makes sense for your estate plan. If it does, contact our law firm online to learn more about our many services. Our entire team is here to put your mind at ease as you move through the process of creating the perfect estate plan.