A living trust is one of the main components of a comprehensive estate plan. It is a legal document created during your lifetime that,
when properly funded, holds title to your assets. A living trust serves several different purposes and provides you with a way to organize your life.
Generally, once a person
- Gets married;
- Has children;
- Or acquires real estate or other assets.
Then it is time to begin thinking about establishing a living trust as part of an overall estate plan. A living trust can benefit you in many different ways.
- It allows you to avoid probate.
- It keeps your affairs private because the courts don’t need to get involved like they would with a will.
- It decreases the amount of time it takes to administer your estate in the event of your death and it simplifies the process.
- It provides an orderly way for you to make gifts, transfer your assets, and provide instructions for the care of your children in the event something happens to you or your spouse.
- It enables you to name a person you trust to manage your affairs in the event you are unable to manage them yourself.
- It can help you reduce estate tax liability if you have a large estate.
It is very common for people to delay the decision to create a living trust as part of their estate plan because it can be uncomfortable to think about life’s uncertainties. But delaying these important decisions can be a mistake, especially if you have a family, real estate, or other assets. Planning your estate helps you organize your life and gives you peace of mind so you can concentrate on the greater things in life
Contact a Tailored Legal Attorney today to start your estate plan with a revocable living trust.