When creating an estate plan, it’s easy to get into one frame of mind and assume that everything else is nothing but a distraction.
For example, many people rely solely on a will, never considering the living trust benefits involved.
However, if you open your mind and learn more, you may come to find that this could be a nice addition to what you already have in place.
Here are some of the many benefits associated with a living trust:
- It shields your assets from probate: Any assets held in a living trust are no longer owned by you. And for this reason, they don’t go through the probate process upon your death. This allows them to be passed on to your beneficiary in a more timely and efficient manner.
- Privacy protection: Many people overlook the fact that a will becomes public record upon their death. So, anyone who wants to can request a copy of the document. A living trust is not public record, thus providing you with a higher level of privacy. This isn’t important to everyone, but many consider it a must.
- Assistance in the event of incapacitation: A serious injury or illness at any point in your life could result in incapacitation. And if that happens, you want to know that there’s someone who can step in and assist with your affairs. A living trust gives you peace of mind in knowing that there’s someone you trust in charge.
While these are among the top benefits of a living trust, there are many others that could have you thinking strongly about this approach to estate planning.
If you want to learn more about living trusts or are interested in creating one, don’t hesitate to contact us. We’ll review your situation, answer your questions, and help you create a living trust that suits your many wants and needs.