When it comes to estate planning, you never want to sell yourself short. You should do whatever you can to protect the well-being of you and your family, both now and in the future.
And for this reason, it never hurts to learn more about the benefits of a living trust. Here are some of the many reasons to consider adding this to your estate plan:
- Avoid probate: The assets that you include in your living trust are not subject to probate upon your death. This allows them to be distributed to your heirs in a more time-efficient manner, and all without the involvement of the court.
- Privacy protection: Should you have concerns about privacy, a living trust can put them to rest. A living trust is not made public record upon your death, unlike a will. This keeps your affairs private.
- A big part of your incapacity plan: You can use a living trust as part of your incapacity and long-term care plan. For example, if you become ill and are unable to manage your affairs, your trustee can seamlessly step in. This avoids a situation in which the court has to get involved.
If nothing else, you should learn more about all the benefits of a living trust, as well as how to create one. Even if you find that it’s not a good addition to your estate plan right now, it could be something you look into in the future.
As long as you understand the legal process for creating a living trust, you can tackle it and begin to take advantage of all the benefits it provides.