Living Trust Lawyer
You’ve probably been told you should have some sort of legal document that will protect your assets after your death. Writing your wishes on a notepad and keeping it handy just isn’t going to cut it anymore. A will is a well-known document that many individuals have, but there are other options available to you. A living trust, for example, could be your best option.
What Is a Living Trust?
Like a will, a living trust is a document that details where your assets will end up following your death, but there are some differences. With a living trust, your assets are put into a trust and held onto by a trustee. This can benefit you in a variety of ways while you’re alive, rather than just being a bonus to beneficiaries after you’re gone.
The assets in a living trust are held by trustees who distribute them at the designated time. For example, a parent who passed away could have put a certain amount of money into a trust for a child to receive upon being accepted to college. The trustee – often a bank or other financial institution – would then disburse the funds when that child has proven admission to college.
What Are the Benefits?
There are a lot of benefits of having a living trust for your assets. The following will outline just a few.
- Manageability – Revocable trusts are easy to manage and control while you’re alive. You can distribute assets the way you want to, and can change it as you see fit throughout your life. If you become ill or mentally incompetent, the trustee immediately takes control without having to go through a lengthy court process.
- Savings – With a living trust, your family won’t have to go through probate to receive the assets you have designated for them. This could save them a lot in legal costs.
- Solidification – If anyone tries to contest a trust, they don’t often win the case. Living trusts hold up well against these types of claims. You also have more privacy, as distribution of assets are not made public.
Contacting an Estate Lawyer
Many people don’t want to think about their death and what will happen to their family and their assets, but preparing for it is a good way to help a family avoid conflict. A living trust is a fine way to ensure your assets are distributed as you want them done, and that it gets taken care of without a hassle. Contact your estate lawyer today to get started with your trust.