Biggest Benefits of a Living Trust
Blue Ash living trust attorneys can provide you with assistance in determining if you should create a living trust. In many circumstances, creating this type of trust makes a lot of sense as part of your comprehensive estate plan. There are ample advantages associated with having a living trust and Zimmer Law Firm can explain the pros and cons of trust creation so you can decide what is best for you.
Zimmer Law Firm has helped many clients in all different life circumstances to determine what tools can best help them to protect their assets and ensure their families are provided for. Living trusts are one of the most versatile and powerful tools that you can use, but there are also other tools that could be incorporated into your plan as well, including irrevocable trusts.
Our Blue Ash living trust attorneys will work closely with you to decide which tools are best suited to accomplishing your goals, so give us a call today to get your personalized plans underway. You can also read on to learn about some of the biggest benefits of a living trust, which can help you to decide if trust creation is right for you.
Biggest Benefits of a Living Trust
Some of the biggest benefits of a living trust include:
- Allowing heirs or beneficiaries to inherit quickly and easily: If you’ve created a living trust and transferred money and property into it, the trust assets can pass outside of the probate process. This allows your heirs or beneficiaries to inherit much more quickly than if they had to wait for the probate process to be completed. It’s also more cost effective to transfer wealth through the trust administration process than the probate process.
- Allowing heirs or beneficiaries to inherit privately: When assets pass through the probate process, there’s a court record created. This can become public, much to the chagrin of those who wish to quietly inherit without their financial details being made public. When a living trust is created and assets pass through the trust administration process, there is no probate proceeding and usually no need to go to court unless a problem arises. The transfer of assets can happen quietly with no judge involved under the guidance of the trust administration.
- Allowing continued control and flexibility: Creating other types of trusts, such as a irrevocable trust, requires you to give up substantial control over assets and to be limited in how you can modify your trust. A living trust doesn’t come with the same limitations and, in fact, you can be primary trustee of your own trust.
- Preparing for incapacity: Once you have created and funded a trust, you can name a backup trustee. This person will have authority in the event you become incapacitated to manage the trust assets. By making the living trust, you choose who is in charge of caring for property and wealth after you are too incapacitated to handle doing so on your own.
There may also be other advantages that are specific to your particular family or financial situation. Getting personalized advice is beneficial to ensure that you understand which type of trust or other estate planning tools is right for you.
Getting Help from Blue Ash Living Trust Attorneys
Blue Ash living trust attorneys at Zimmer Law Firm know the ins-and-outs of the trust creation process. We can help you to explore all of your options for different kinds of trusts you could create as well as for other legal tools that could help you to accomplish your goals. We’ll explain the benefits of a living trust as well as the limitations, and will work with you to decide if this type of trust is right for you. We’ll also assist you in making a legally valid trust document and in making other valid estate planning documents that will give you control over your legacy.
To find out more about how our firm can help you with trust creation and more, join us for a free seminar. You can also give us a call at 513-721-1513 at any time.