When you look at your estate plan now, you may realize there is something missing. While you have the right to sit back and hope for the best, you can also make changes that will benefit you and your family.
A living trust may be just what you need in order to change your estate plan forever. And change in this case is often times a good thing.
Before you do anything, it’s essential to review your current estate plan. Do you have all your details in line? Is it time for a change? Are you concerned about what the future will bring, especially once you pass on?
Here are three ways a living trust is sure to change your estate plan:
Peace of Mind
Let’s face it: estate planning can be a stressful process that confuses you on many levels. You can either fix what’s in front of you or forget about it and hope for the best.
A living trust will give you peace of mind, knowing that you have done everything you can to protect yourself, your family, and your assets.
If peace of mind is important to you, don’t overlook the benefits associated with a living trust. By making this one change, it may not be long before all your estate planning questions are answered.
No More Probate Concerns
Are you worried about what will happen to your estate once you pass on? With a will, assets will go through the probate process. This means it will take some time for your loved ones to secure what you have left behind. Not to mention the fact that probate can cost quite a bit of money, especially if it drags on for any reason.
With a living trust, this is not nearly as big a concern. The reason is simple: any assets you hold in the trust are protected from the probate process.
This one detail makes it much easier for you to feel better about your estate plan.
The Privacy Your Family Deserves
As a private person, you may be looking for a way to protect your estate from prying eyes. A living trust is the tool you have been seeking.
This type of legal arrangement ensures that your estate is distributed in private. The same cannot be same of a will, as this is public record.
You have to think about what is best for your family once you pass on. You may not be faced with any privacy concerns, but you would hate to put your loved ones in this position.
Privacy is a big deal to most people, especially when it comes to their estate plan. To help your family avoid trouble, opt for a living trust. It’s the best thing you can do.
Compare the Pros and Cons
Are you still on the fence? Are you still wondering if a living trust is a good decision? You should compare the pros and cons of a living trust to your current estate plan. This will help you make a decision you can be comfortable with.
Some of the many benefits are listed above. On the flipside, you will soon realize that it costs more to create a living trust than a will.
Once you compare the pros and cons, there will not be much gray area in regards to what you should do next.
If you are ready to create a living trust, it is time to learn more about the process. You can get started by downloading our free report entitled “Dangers of Do-It-Yourself Wills and Living Trusts.”
With this report, you will learn more about the process of creating a living trust, as well as a few things you need to avoid along the way.
It may be a good idea to create this type of legal document, but only if you do it the right way. Any mistake, even if it appears small, could have a negative impact on your family in the future.
A living trust can and will change your estate plan forever. If you take the right approach, all of the changes will work in favor of you and your family.
- 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