Wondering how to protect your assets and your family when your time in this life is over? Here is why you should consider creating a living trust for your estate instead of relying on a will:
Nobody Has to Worry About Probate
A convenient benefit of creating a living trust instead of a traditional will is that your estate likely won't have to go through probate in order for your heirs to receive their inheritances. Probate can take months, which can frustrate heirs and create the opportunity for disgruntled heirs to contest your wishes.
While a will is often put through probate, living trusts can typically be dispensed by your designated estate controller within weeks of your passing. And unlike wills which have to be made public by law, living trusts can be kept private.
You and Your Heirs Can Save Some Money
Another great reason to create and maintain a living trust is to save some money over creating and distributing a will. You will probably spend more upfront money filing your living trust than you would when creating a will because it's a more complex document, but some money can be saved by your heirs upon your death in a number of ways:
There are no court fees to pay when it comes time to distribute your estate through a living trust. A will tends to come with fees associated with things like probate.
Because there is a lower chance of contesting a living trust that a will, your heirs won't waste time and money in court fighting each other about who gets what.
All of your assets are placed under one plan, which makes management during distribution less timely and more affordable.
You Get to Designate a Controller of Your Estate
With a living trust in place, you don't have to leave control of your estate in the hands of the court system. Instead, you can designate one person to maintain full control over your trust plan upon your passing who will ensure that all of your wishes are met in the long run.
And your trust stays protected while you're alive – your designated controller can't just tap into your assets, move funds around, or sell anything from your estate without your explicit permission unless you prefer otherwise.
With these benefits in mind, it should be easy to see how working with a living trust specialist can benefit you and your family as time goes on. You can schedule a consultation at offices like Rudolph and Chonoles LLP to get the ball rolling.