Why Would I Need a Living Trust?

POSTED ON: April 7, 2021
CATEGORY: Estate Planning, Probate
Living Trust
Have you made any plans to distribute your assets and take care of your family, when you die or become incapacitated?

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:

  1. Avoid probate delays and expenses.
  2. Reduce the emotional stress on your family.
  3. Eliminate or reduce taxes.
  4. Enjoy total flexibility, since a living trust can be changed or canceled at any time.
  5. Keep control of your assets, even in the event of your incompetency and after your death.
  6. Avoid a conservatorship at physical or mental incapacity.
  7. Keep your privacy, as a trust is completely confidential.
  8. Allow for a fast distribution of assets to beneficiaries; and
  9. 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”

 

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