When creating or modifying your estate plan, consider every option that’s available to you. By taking this approach, you reduce the risk of making a mistake that could complicate matters for your loved ones in the future.
Many people overlook the benefits of a living trust because they assume a will is all they need. While you don’t have to create a living trust, there are some reasons to consider it:
- Privacy protection: A living trust is never made public, which allows you to keep it private from outsiders, even after your death. This is the opposite of a will that becomes public record after it’s filed in probate court.
- No probate for assets held in a living trust: With a will, your estate must go through probate before assets are distributed. But with a living trust, the assets can be passed on to your heirs without the need for this time-consuming and often costly process.
- Help if you become incapacitated: If you’re incapacitated for any reason, your trustee can step in to manage your affairs. But without a living trust, it’s possible that the court may make a final decision as to who should takeover.
Even if you have an estate plan, it never hurts to learn more about the benefits of a living trust. You may find that adding this to your current plan will give you and your family greater peace of mind.
Should the time come to create a living trust, make sure you understand the process and how to get every possible benefit out of it.