Are you among those shying away from getting a trust because they think it’s only for the wealthy? Well, about 20% of Americans have included living trusts as part of their estate plans, and you can too!
Revocable living trusts serve many purposes and are an essential tool in preserving wealth, protecting family and assets and reducing lifetime expenses.
This article will explain some of the benefits of setting up a revocable living trust and including it in your estate plan. Read on!
Benefits of a Revocable Living Trust
- A living trust avoids probate
Probate involves the court interfering in the process of distributing your assets after you die. The process can be lengthy and costly depending on the estate, the assets and the type of individuals involved. Probate will not only delay the distribution of assets to the beneficiaries, it will also reduce what they inherit.
However, you can avoid probate by placing your assets in a living trust because the power to distribute your assets is in the hands of a trustee you assign before you die.
- A living trust may save money
A living trust can save money by avoiding probate expenses at your death. You’ll only spend money when it comes to setting up your living trust, and that’s because it’s a more complex legal document that requires more actions. Living trusts also provide savings for married couples in the form of joint living trusts.
- A living trust protects your privacy
Having the court interfere in your asset distribution to your beneficiaries is equivalent to prying in your privacy. However, a living trust is a private document that isn’t included in any public records. This means no one can learn about the distribution of your estate from public records.
- A living trust assists in the event of incapacitation
In a situation whereby you’re sick or incapacitated, the trustee you’ve appointed to manage your trust can step in and oversee your affairs without the interference of the court. And since a living trust is irrevocable, you can reclaim control of your affairs when you’re well and healthy.
- A living trust provides certainty and peace of mind
When set up the right way, a living trust covers the distribution of all of your assets. With a living trust, there’ll be no situation whereby you unintentionally disinherit a beneficiary. Also, a living trust helps you provide care for any of your family members with special needs into the future, and even secure your assets from going into the wrong hands.
You’ll have peace of mind when you know that your estate will be taken care of the exact way you’ve always wanted it to be. Also, setting up a trust fund secures the future of your loved ones and saves them from going through hard times, because you've paid your dues and done everything right for them.
Conclusion
If you’re ready to set up a living trust for yourself, you can start by taking inventory of your assets, determining your beneficiaries and considering who will be your successor trustee.
You need an estate planning lawyer to help you set up a living trust. At Citadel Law Firm, we work with our clients to come up with the best estate plans for them. If setting up a living trust is the best strategy to secure your estate and distribute your assets to your beneficiaries, our lawyers are up to the task.
Contact us today to learn more about our services and get started!