A living trust is a legal document that is created during a person’s lifetime where a named person (the trustee) is given responsibility for managing the trustmaker’s assets for the benefit of the beneficiary. A living trust is designed to provide an easy transfer of the trustmaker’s assets, while bypassing the probate process.
Probate costs can take from 5% to 25% of the gross value of your estate, and the probate process can take a year or longer. It can be a very difficult and frustrating experience for your surviving family, which many people believe can be avoided with a will (not true). It is also a public proceeding. Some lawyers I know refer to probate as a “lawsuit you file against yourself, paid for by you, for the benefit of your creditors”, and I for one agree with them.
You can’t just think you’re doing effective estate planning by putting everything you own into joint title or having a will leaving everything to your spouse. You need to review your circumstances with an experienced estate planning attorney. Let’s see what you can do with a living trust:
- Avoid probate delays and expenses.
- Reduce the emotional stress on your family.
- Eliminate or reduce taxes.
- Enjoy total flexibility, since a living trust can be changed or canceled at any time.
- Keep control of your assets, even in the event of your incompetency and after your death.
- Avoid a conservatorship at physical or mental incapacity.
- Keep your privacy, as a trust is completely confidential.
- Allow for a fast distribution of assets to beneficiaries; and
- Save time, money, and future headaches for your family.
Contact Jerry Taylor Law and find out if a living trust fits into your comprehensive estate plan.
Reference: EIN Presswire (March 12, 2021) “Advantages of a Living Trust”