Many individuals do not think that a living trust as a way to protect their family, but they are wrong. Living trusts help grieving family members avoid the probate process, give time for them to heal because they will not be wondering what your last wishes were, and gives them a chance to execute your direct orders regarding your estate, anything associated with your health, and how you would like to be buried. There are numerous advantages to a living trust.
- Avoiding the Probate Process: Contrary to a will or a typical estate plan, a living trust is not legally subject to the time consuming probate process. Because probate is so expensive because of the process by which takes extra money out of your estate to pay for a designator (of your estate), avoiding it will relieve your loved ones of a lot of stress.
- Difficult to Fight: Having a living trust ensures that your last wishes be heard. Because they require you to consistently interact and update it, living trusts are evidence themselves that what you really wanted is what you have written in the event that you pass unexpectedly. This makes the process of contesting a living trust in court both difficult and extremely rare.
- Successor Beneficiary: Having a living trust allows you to name your own beneficiaries. This means you can appoint whoever you so please to allocate or take care of your property after you pass. You can also appoint whoever you want to decide what should be done in the rare event you are incapacitated and cannot make your own decisions. If you would like for your money to be distributed to loved ones, your beneficiary can do this as well. Choosing someone that you trust to make smart and thoughtful choices is always a great idea.
- Privacy for You and Your Family: After a written will has passed through the probate process, it actually becomes public property and can be viewed by anyone. However, a living trust does not have to go through probate, which means you and your family will have the privacy that they need should something happen to you.
A living trust is created during your life so that it can hold your assets for the sole purpose of distribution after your death. If you ever want to remove a name or an asset from your trust you can, and if at any time you do not want a living trust you can revoke it. Speak with an experienced attorney such as the living trust lawyer Sacramento CA locals turn to.
Thanks to authors at Yee Law Group PLLC for their insight into Living Trusts.
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