Don’t wait till the end to start planning your living trust.. Do it when you’re mentally healthy and able to make the right decisions. There are many benefits of planning your estate. The distribution of assets and any stipulations in your medical care are just some of the small details a living trust will cover.
What is a Living Trust?
A living trust is a legal document that places your assets in a trust during your lifetime, and then transfers them to your beneficiaries upon death through your named successor trustee. While many people prepare a will, a living trust is a different option that you might consider when planning after death matters.
Do I Need a Living Trust?
A living trust can be an excellent estate planning tool for business owners, owners of out-of-state real estate, and those who wish for privacy in the matters of their estate. Because wills filed in probate are available to the public, some people simply wish to keep relatives and neighbors out of their business and prepare a living trust for that reason alone. Bear in mind you cannot designate a guardian for minor children in a living trust, and you’ll need to prepare a will to at least name a guardian.
What You Need to Know About Living Trusts
There are many benefits to a living trust. Not only can it possibly prevent you from a public court process, a living trust plans for your own incapacity while you are living, whereas a will is only executed upon death.
Although living trusts can be quite beneficial, they are useless if they’re not properly written and funded. Living trusts can only control the assets included in it. Should you acquire more assets or experience any other significant life changes such as marriage, divorce, the addition of family members, etc., you will need to revise your living trust to reflect those pertinent changes.
Peace of Mind
A properly executed living trust will grant you a peace of mind. Because you can make changes to a revocable living trust throughout your lifetime whenever necessary, so don’t feel that everything has to be permanent to move forward with the process. Just knowing that you have your affairs in order allows you time to focus on even more important things, like living and enjoying life. Contact Brillant Law Firm today to learn more about revocable and irrevocable trusts, and which one is right for you.