Many pages of our website are dedicated to trusts, trust administration, and related topics.
There is a myth that only the “rich and famous” can benefit from creating a trust. This is not true. In fact, more and more people are considering what this can do for them while they are alive, as well as the benefits to their family members upon passing away.
If you are unclear regarding the benefits of a trust, we are here to help. Since everybody is in a different situation, it is best to contact us for a consultation. At that point, we can discuss the finer details of your finances, your goals, and what you hope to gain by creating a trust.
For the time being, let’s review three of the many benefits of creating a living trust:
- Helps your loved ones avoid probate. With a will, your estate is forced to go through probate. With a living trust, however, this is not true. As a result, your estate is distributed in a timely and efficient manner.
Remember, probate can drag on for many months or years. Why risk this?
- Save money. There is no denying that the creation of a living trust will almost always cost more than a will. But remember, this will actually save your estate money over the long run.
In short, you have to think about the long term financial implications of a living trust.
- Privacy. A living trust is not made public once you pass away. With a will, however, everything is public record. If you are concerned about your privacy, even after your death, a trust is a must.
With these benefits in mind, you should have a better idea of whether a living trust makes sense for somebody in your position. If nothing else, you should compare the pros and cons to ensure that you are making the right decision.