14 Benefits of a Living Trust

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.

1. It allows you to avoid probate.
2. 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.
3. Allows more efficient administration of your estate (makes it easier for your heirs to receive assets you’ve left them).
4. 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.
5. You get peace of mind that one set of instructions can control your assets.
6. You can avoid unintentional disinheriting.
7. 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.
8. Beneficiaries’ inheritance can remain in trust and receive protection from creditors, divorce proceedings, spouses, irresponsible spending, and future death taxes.
9. You may use tax planning to reduce or eliminate federal (or state, where relevant) estate taxes.
10. Allows you, and not the probate court, to control minor children’s inheritance.
11. Special provisions make living trusts more difficult to contest than wills.
12. Prenuptial protection can be included.
13. Living trusts are revocable and can be modified while you are competent and alive.
14. 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.