A living trust is a legal document that describes how you want to transfer your assets when you die. In this fashion, it’s like a will but creating a living trust centered estate plan has several advantages.
- It allows you to avoid probate.
- The transfer of your assets can remain confidential. If you merely have a will or no estate plan at all your estate may require administration through the public probate process.
- Allows more efficient administration of your estate (makes it easier for your heirs to receive assets you’ve left them).
- You can control your assets through your living trust in the event that you become incapacitated. If you merely have a will or no plan, a court will interfere and may control your assets.
- You get peace of mind that one set of instructions can control your assets.
- You can avoid unintentional disinheriting.
- You can control when your beneficiaries inherit. You can keep assets in trust until your beneficiaries reach certain milestones (graduating college) or until they reach a certain age.
- Beneficiaries’ inheritance can remain in trust and receive protection from creditors, divorce proceedings, spouses, irresponsible spending, and future death taxes.
- You may use tax planning to reduce or eliminate federal (or state, where relevant) estate taxes.
- Allows you, and not the probate court, to control minor children’s inheritance.
- Special provisions make living trusts more difficult to contest than wills.
- Prenuptial protection can be included.
- Living trusts are revocable and can be modified while you are competent and alive.
- You may choose professional assets management by selecting a professional trustee.
If you’re ready to learn how a living trust centered estate plan can help you and your family, book a confidential consultation.
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