A living trust is not as complicated as it seems. Your assets are put into a trust that is managed by you until you pass away. Then your successor trustee executes your wishes. You can easily add your assets as you accumulate them over time.
When you have a living trust you are enabling your beneficiaries to bypass the probate and court process and immediately start executing your wishes. Your loved ones save time and the expensive costs of probate.
If you become incapacitated a living trust can designate your assets to support you. One of the benefits of having a living trust is the privacy it affords your family as it is not filed with the court, so you can leave your assets to whomever you want without anyone knowing who those beneficiaries are.
There are five reasons why one should have a living trust
1. The protection of beneficiaries.
A revocable living trust can make a huge difference by allowing you to give your assets to your beneficiaries while protecting them at the same time.
2. The management of property upon incapacity
A living trust can allow your designated person to help you with your financial affairs to take over. This is in the event that you suffer an injury that incapacitates you.
3. Reduce estate taxes
Our estate planning lawyers can assist you with the right information regarding your estate planning because living trusts can often be used to make certain deductions and credits that are allowed under the tax laws.
A Will becomes a public record, and anyone can have access to it; however, a revocable living trust is private. Our estate planning attorneys can make sure no one gets to look at them unless the grantor or the trustee allows it.
5. Avoiding Probate
Just because your property is in trust it doesn’t mean your outstanding debts don’t have to be paid. This is why our estate attorneys can advise you on getting a revocable living trust that allows your property to avoid probate and work with your specific situation.
To learn more about living trusts check out our website https://mysocallawyers.com/estate-planning/