What is a Living Trust? Top 5 Benefits

There is a misconception among individuals who may not have gone through the estate planning process before that estate planning is a process which is one size fits all. The reality is that estate planning is something that can be and always should be personalized to suit the goals of the client. This is one of the reasons why our law firm gives our clients the opportunity to take advantage of using a living trust. A living trust is an incredibly useful estate planning tool which can eliminate some of the stress that is often associated with both estate planning as well as administration.

What is a Living Trust?
A living trust is an estate planning tool which is used in conjunction with other estate planning documents. Depending on the size of your estate, there is a possibility that using a living trust may be a better option for you than the traditional estate planning methods that you may be familiar with.

What are the Advantages of Using a Living Trust in Your Estate Plan?

While there are several benefits of using a living trust in your estate plan, here are five examples of why our estate planning attorneys believe a living trust could help or enhance your estate planning:

1. A living trust avoids probate
Probate is a time consuming and often overwhelming process that your loved ones will need to go through to distribute your assets after you pass away. Probate is a formal court process which entails being appointed as the representative of the estate and court oversight. When you have a living trust, you can avoid the probate process which is something that can make administering your final wishes that much easier for your loved ones left behind.

2. A living trust makes the administration process more private
A leading reason why so many people opt to use a living trust is that it remains a private document even after your death. Whereas your Last Will & Testament is something that becomes public once it is recorded through the probate court, a living will is not something that must be submitted to the probate court which means that you avoid any personal information being conveyed in a public setting.

3. A living trust can help you to save money
A detail that many people overlook is the cost that probate could incur. There is a fee to open probate and if the estate is contested in any way, you will need to pay an attorney to be able to navigate this process. Initially avoiding probate is something that can help to save your beneficiaries additional cost and preserve more of a legacy for them.

4. A living trust can manage your affairs during incapacity
An excellent feature of a living trust is the fact that it can still be used during your incapacity. Provided that you fund the trust during your lifetime, if you do become incapacitated, your trustee will be able to act on your behalf if certain aspects of your life need to be cared for during your incapacity.

5. A living trust can provide you with peace of mind
One of the most important features of a living trust is the fact that it provides you with peace of mind. There is a great comfort that comes along with having this document in place and knowing that if anything happens to you, your affairs will be taken care of.

Learn More About a Living Trust Today
Do you have more questions about the benefits of a living trust? Our estate planning team is here to provide you with the guidance and support that you need. Get in touch with us today by calling us at 561-395-6800 to learn more about how a living trust could be a great option for you!