While most people understand the benefits of creating a will, many never look into the reasons to consider a living trust.
Did you know that only approximately 20 percent of Americans have a living trust? With this in mind, you may be struggling to decide if you should join them.
Benefits of a Living Trust in Baraboo Wisconsin
Here are three of the biggest benefits of creating a living trust in Baraboo Wisconsin:
1. Avoid the probate process. One of the biggest benefits of a living trust is that it avoids probate. If you only have a will in place, your estate will go through probate. Not only is this going to cost your beneficiaries money, but this process can drag on for as long as 18 months.
With a living trust, this is never a concern because your estate will not go through probate. Once you pass on, your trustee will pay your debts and distribute your assets accordingly.
2. Appoint someone to oversee your affairs. Are you worried about what would happen to you if you become ill or incapacitated? When you have a living trust, there is somebody who can step in and make important decisions on your behalf.
But guess what? If you only have a will without a durable power of attorney, the court is staffed with the responsibility of appointing someone to oversee your financial affairs. Do you really want to take this risk?
3. Added level of privacy. One of the biggest differences between a will and a living trust is that a living trust is not made public. Instead, your estate is distributed in a private manner. A will, however, is public record. This means that anybody and everybody can access the information associated with your estate.
Just because you have a will does not mean you should overlook the benefits of a living trust. Now that you have a better understanding of what this can do for you and your family, you have to decide if you want to move forward at the present time.
If you have any questions regarding the pros and cons of a living trust in Baraboo Wisconsin, contact an estate planning attorney. With professional advice, you know you are making a decision that will improve your financial situation now while also making life easier on your beneficiaries in the future.
As you learn more, you may find that there is no better time than now to create a living trust. Call Krueger Hernandez & Thompson SC today to schedule your Free Estate Planning Consultation at 608-356-3961 or go to https://khtlawyers.com to learn more.
- Neither Age Nor Health Determines Whether You Need an Estate Plan - January 19, 2022
- Tax Planning for 2022 - January 12, 2022
- The Questions of Estate Planning, Part 6: Why - January 6, 2020