The start of a new year is the perfect time to secure your future and make sure you’ve done everything possible to protect your assets. Taking a moment to make sure your will is up to date is a great way. If you haven't made a will yet, you may want to start thinking about what you'll be leaving behind, as morbid a task as that sounds. Most people want something in place that can be accessed before they've passed, for that we'd recommend a living trust. Simply put, a living trust is a legal document which places assets into a trust which will be conveyed to beneficiaries at the time of death. Living trusts can be less straightforward to create then a simple will but here are three of the many benefits of having one drafted.
1. A living trust offers some privacy to the trustees. Once created a trust does not need to be filed with a court. A will on the other hand has to be filed. Most often a will is not reviewed after the dispersion of the assets but should you not want to have that information public a trust is not filed with the court.
2. It is an opportunity to avoid probate. Before a will is approved it must go through a court procedure known as probate. In some instances this can be an arduous process depending on how the will was prepared. A living trust often means a quicker dispersion of assets to the heirs.
3. You will still be in control of your assets. Assets are technically kept by the trust but you will be able to access them as needs arise. Should you become incapacitated or in any way unable to manage your assets the appointed trustee will be able to assume responsibility of the trust without the need for court interference. Should you feel that you are still able to manage if you doubt the claim of incapacity; a trust is revocable at any time.
A general rule to consider while considering a living trust is that the more assets the more need for one. If you believe a living will is something that would protect your future, please give the Simon Law Group a call.
If you are seeking representation for a trust or estate call today for a free consultation 800-709-1131 or fill out a contact form on our website for a no-cost consultation.We hope to hear from you today!