The estate planning process is complicated, as you’re sure to have a variety of concerns weighing you down. Fortunately, with so many tools at your disposal, you should be able to find one that suits your situation.
For example, a living trust is designed to hold assets during your lifetime, while passing on to your designated beneficiaries upon your death.
A living trust can address many estate planning concerns, such as:
- Probate: If you’re concerned about the time and cost associated with probate, a living trust may be the answer. Assets in a trust are not subject to probate, allowing them to pass on to your designated beneficiaries quickly and efficiently following your passing.
- Privacy: A will is a commonly used estate planning tool, but it doesn’t do anything to protect your privacy. As public record, anyone can review your will upon your death. A living trust is not public record, which allows you to keep your affairs private.
- Incapacity: With a living trust, the person you select as the successor trustee can manage your affairs, without having to first get court permission, in the event of incapacity.
While these are among the top reasons to consider a living trust, there are other benefits that may help you realize that it is the best way to create a comprehensive estate plan.
If you’re interested in creating a living trust, get ready to:
- Move assets into the trust
- Choose a successor trustee
- Name designated beneficiaries
When you take these steps, you’ll eventually setup a trust that gives you and your family peace of mind.