Creating an estate plan that benefits both you and your family is easier said than done. There are many ways to do this, but that doesn’t mean you will necessarily find yourself on the right track. You need to make a variety of key decisions in order to ensure that you and your family, along with your assets, are protected.
This is where a family living trust comes into play. This is not the right estate planning tool for everyone, but it’s definitely something you should consider.
With a trust, you are able to shelter property so that it can be passed down to your family members in the future.
There are several benefits of a family living trust. Along with this, there are a variety of details that you need to become familiar with.
Let’s start with the following:
- A family living trust is a revocable trust. This is designed so that you can transfer assets to other family members upon your death.
- With a family living trust, there is often times more than one grantor. For instance, a married couple could both be listed as the grantors.
- Thanks to the setup of a family living trust, a grantor has the right to regulate the use of assets, while living, in the event that the person becomes incapacitated.
One of the primary benefits of a family living trust is how this will make life easier on your loved ones upon your death. Did you know that this setup protects assets from probate?
With a will, for example, your assets will go through probate when you pass on. You don’t have to deal with this, but it is something that your family members will be faced with. Not only does probate cost a lot of money, but it can drag on for many months (or longer).
Why would you want to subject your loved ones to this when you could implement a family living trust?
When compared to a will, there is another benefit of a family living trust: privacy. Think about it this way. When you have a family living trust, the distribution of assets is kept private.
When you rely on a simple will, this is not the case. Instead, the distribution of assets is public information. This bothers some people, which is one of the primary reasons they opt for a trust. They want to make sure when assets are distributed upon their death that it is kept private.
You Probably Need Help
Can you create a family living trust on your own? The short answer is yes. If you know exactly what you are doing, if you know how the laws in your state work, you may be in position to create a trust without outside help.
But here is the challenge: most people don’t have the knowledge and experience to do so. This is why they turn to a legal professional to show them the way, to answer their questions, and to help them avoid mistakes that have plagued others.
There is no denying the fact that you will pay for help when creating a family living trust. This may be money out of your pocket right now, but remember this: it will save your family in the future. Furthermore, it will give you peace of mind. You never have to worry that you have made a mistake that could cause trouble now or down the road.
It’s difficult to decide when to create a family living trust. Even more so, it can be a challenge to address all your questions and concerns.
If you find yourself in this position, if you don’t know what to do next, you can contact us for a consultation. This is the best way to better understand your situation, as we are here to answer all your questions and make sure you feel good about what’s to come for you and your family.
Once you speak with our legal team, it won’t be long before you have a clear idea of what’s to come in the future. This is all that it takes to get on the right track.