Why You Should Create A Living Trust
You might have heard about living trusts before but if you do not already have one of your own, you might not be overly familiar with the benefits of having this type of estate planning. To help you see just how important a living trust is, you will want to continue reading.
Your Assets Still Benefit You
Many people find that they are fearful of a living trust because they are under the impression that their assets will no longer benefit them during their lifetime. This is not something you have to worry about though because your assets are still yours and yours alone while you are still living. It is only after you pass away that the trust is then divided among those you included in your last will and testament or among your immediate heirs if you did not mention anyone specific.
This Helps Your Heirs Avoid Probate Court
One of the legalities that many people dread after already suffering the loss of a loved one is having to go through probate court. Probate court is a long, and expensive, process that can really cause everyone in the family a lot of distress. The process is meant to make sure that the assets are divided fairly, assuming all remaining debts left by the deceased have been dealt with. You can help your loved ones avoid that legal mess and the potential of losing their inheritance to creditors, by setting up a living trust.
You Get Peace Of Mind
When you are able to know that your loved ones will have what they need after your passing, you can relax a little. You will have the peace of mind knowing that there will not be any legal battles after your passing and that the process of transferring the inheritance that you leave behind is going to be as smooth as possible. The last thing you want to deal with as you age is worrying excessively about how things will be handled after your passing.
In order to properly establish a living trust, you are going to need to receive assistance from a lawyer. Make an appointment with a living trusts law firm like Rudolph and Chonoles LLP as soon as you can. Explain your desire to have a living trust put together and make sure that you are bringing a list of all of the assets that you would like to have included in that trust.