What is a Living Trust?
Although it is typically not a topic many people like to think about, it is important to understand what goes into estate planning. Furthermore, when you work hard your entire life, you want to make sure your assets are controlled even after you’re gone. Even for people who live modestly, it helps to rest assured you have a living trust in place based on your individual circumstances.
A living trust manages your property and assets after your death. Likewise, with a living trust no court intervention is required, and after your death the trust will provide a successor as needed. If you become disabled by an accident or illness, then a trustee will also manage your property and assets as well.
Some other advantages of a living trust include:
- No probate on assets
- Advanced planning for incapacity
- Control on your property and assets
- Can be used for any sized estate
- Prevents financial records from becoming public
Things to Keep in Mind
Even though a living trust can be highly beneficial to many people, it is important to decide which route is best for you. For instance, a living trust is typically more expensive than a will. Likewise, a living trust must be actively maintained after it is created. Also, a living trust must be funded, and you can only control funds that have been placed into it. Therefore, if you die prior to transferring certain funds to a trust, they will be subject to probate and potential estate taxes.
The best way to ensure you uncertain future is well managed is to hire a skilled Edwardsville estate planning attorney. They will help you make the best decision for your unique circumstances to best suit your needs.
The experienced Edwardsville estate planning attorney, Deborah Besserman can help you find the best route to plan for your future. Please contact Besserman Law Office, LLC today for a free consultation.