Top Living Trust Benefits
By Barry Zimmer on July 24th, 2018 in Wills & Trusts
There are many living trust benefits that you should consider when you determine if you should include a living trust in your estate plan. While there are some limitations as to what a living trust can do, the reality is that these trusts are a versatile and powerful tool that provides benefits both during the course of your life and after your death. These benefits are not just for wealthy people either, but can benefit people with all different levels of assets.
Zimmer Law Firm can provide personalized help and advice on living trust benefits. We can work closely with you to determine if a living trust is the right tool for you to use in your estate planning process.
We can also assist you in exploring other tools you can use to make your plans for the future. And, if you decide a living trust is right for you, we’ll guide you through the process of making a legally valid trust document an of funding the trust so you can make sure your hard-earned wealth is protected.
Top Living Trust Benefits
Some of the top advantages of a living trust include:
- Determining who will manage trust assets if you become incapacitated: If you become incapacitated, you might be unable to manage the assets that you own. If you have put assets into a trust and named a backup trustee to take over managing those assets when you no longer can, you won’t have to worry about who takes care of your money and property. You’ll have the peace-of-mind of knowing that a responsible trustee is managing your wealth. And, your family won’t have to go to court to get someone appointed to manage those assets, so this eliminates stress from your loved ones — and eliminates the possibility the court will appoint someone to manage your assets who lacks the knowledge and responsibility to do so effectively.
- Passing assets outside of the probate process: Typically, when you pass away, the probate process would have to take place to facilitate the transfer of money to new owners. This could be stressful for your loved ones. It is also time consuming and costly, and it can destroy your privacy because the details about the transfer of your estate can become court record that is typically visible to the public. If you do not want to put your heirs or beneficiaries through probate, if you want to reduce the fees that are involved with the transfer of the estate, and if you want assets to pass quickly and privately in trust administration instead of probate, then trust creation is a smart choice.
- Maintaining flexibility: If you make a living trust, you maintain a substantial amount of flexibility and control — unlike when you make an irrevocable trust. Many people prefer to maintain continued control and to have the chance to end the trust if circumstances change, which is why make a living trust is important. However remember that the creation of a living trust doesn’t prevent assets held by the trust from counting as resources for purposes of determining if you are eligible for means-tested Medicaid benefits.
There may also be other living trust benefits specific to your situation, based on the nature of the assets you own, your health, and your family relationships. Working with an experienced attorney to understand your options is important so you can make use of the right legal tools.
Getting Help from A Living Trust Lawyer
A living trust lawyer at Zimmer Law Firm will work closely with you to identify the specific estate plan tools that are right for you. Often, this means creating a living trust so you can take advantage of the many living trust benefits that can result from trust creation. We can provide insight into all of the pros and cons of creating a living trust or of using other tools that can also protect your family and assets.
To find out more about how our firm can help you with trust issues and with other legal matters related to estate planning, join us for a free seminar. If you are ready to create a trust or otherwise start working on your personalized estate plan, give us a call at 513-721-1513 today.