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Do I need a Living Trust? Three times the answer is yes.

On Behalf of | Jun 20, 2024 | Estate Planning

Anyone that has started to research estate planning knows that there are many legal tools that can help you tailor a plan to your needs. Not only is there a will and power of attorney documents, but there are many different types of trusts — all of which you can tailor to help meet your family’s goals.

One example is the Living Trust. A Living Trust is a legal document that allows you to arrange the distribution of your property after your passing. Unlike a Will, which merely expresses your wishes, a Living Trust becomes the owner of the assets you choose to put into the trust. This can provide a number of benefits, including the following.

#1: Do you want to avoid probate?

A Living Trust bypasses the lengthy and costly probate process because your assets transfer directly to beneficiaries without court involvement. This streamlines distribution and minimizes delays.

#2: Do you value privacy and confidentiality?

Unlike a Will, which becomes public record, a Living Trust remains private. It can help to protect confidential details about your estate and beneficiaries. Privacy is especially valuable for high-profile individuals or those who prefer discretion.

#3: Do you want to protect your estate in the event of incapacitation?

An unexpected accident. A tragic illness. The reasons for incapacitation are many and can come without warning. A Living Trust allows seamless management if you become incapacitated. The individual or business you name to manage the trust, known as the trustee, steps in to handle affairs without court intervention.

This helps to better ensure continuity compared to use of a will alone and can reduce stress during challenging times.

It is important to note that you use intricate legal documents to create these tools and a mistake within the provisions of these documents can have unintended consequences. As a result, those who believe a Living Trust can help meet their estate planning needs are wise to seek legal counsel to better ensure a plan is tailored to their estate.