When it’s time to develop an estate plan, you have some options as to the tools you want to put in place. In some cases, developing a living trust can be extremely beneficial, as it can offer greater protection for both your loved ones and the assets you want them to inherit.
Benefits of Livings Trusts
1 – Living trusts may be able to save you money.
In fact, once you’ve invested in developing a living trust, there are minimal costs for revising it and no costs to fund it. In contrast, it can cost some money to continually revise wills over time (although this is necessary estate planning step).
Additionally, because you can include terms in living trusts that essentially set up powers of attorney, you can save additional money in the estate planning process (as you won’t have to pay separate fees to set up powers of attorney).
Ultimately, any money saved can be used to fund the trust, leaving more financial support for your loved ones in the future.
2 – Living trusts are private.
Unlike wills, which are matters of public record, living trusts remain private. So, if you are concerned about certain assets remaining private – as well as certain transactions remaining private, developing a living trust is a good idea.
3 – Living trusts can help avoid probate.
Ultimately, one of the biggest benefits of living trusts is that they allow assets to be passed on to beneficiaries without the need for those assets to be probated. This can end up meaning that:
The trust beneficiaries are able to gain access to needed funds (or other assets) much more quickly than would have been possible via probate.
It may be possible to side step probate altogether (if all of the individual’s property was used to fund the trust). If not, however, having living trusts may still simplify the probate process (sometimes facilitating a faster resolution).
Simi Valley Trust Lawyer at the Law Offices of Darrell C. Harriman
Do you need help devising a trust? Or do you need assistance with any estate planning matter? If so, the trusted Simi Valley trust lawyer at the Law Offices of Darrell C. Harriman is here for you. For more than 34 years, our Simi Valley trust lawyer has been dedicated to providing his clients with personalized, highly responsive service, as well as superior representation for their important legal matters.
When moving forward with Simi Valley Trust Lawyer Darrell C. Harriman, you can be confident that you will receive:
- Clear answers and information about your options.
- Responsive, personalized legal service.
- Experienced help devising the best estate planning solutions for you and your family.
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