When people start planning for life after they're gone, creating a will is usually the main talking point. However, you also might consider a living trust. Creating one can have several advantages compared to just having a standard will.
Avoid Stressful Probate
Probate sometimes has to occur for families after a loved one passes on with assets because the distribution of these assets has to be worked out. Even if a will is planned, there could still be a lot of formalities to take care of.
In contrast, if you just create a living trust and designate who is in charge of this trust, you may not have to go through probate at all. At the very least, it won't be as extensive because you'll already have documentation to prove who should get certain things. It could be real estate or maybe assets in a bank account.
You may like your privacy and want to maintain it when planning life for when you're gone. You may not have this privacy with just a standard will because it's public. You won't have to worry about this when you establish a living trust while you're still alive.
Everything that you decide to do in this trust and the beneficiaries that you select will remain private. There will be no records made public, and that's important to a lot of people when dealing with sensitive information. Regardless of the number of years this living trust remains active, you and your family's information will be kept off public record.
When you start thinking about creating a living trust, there are actually a couple of types that you have access to. That just gives you more options to plan your family's future depending on your unique plans.
There are revocable living trusts. These can be changed any time you want and there won't be any penalties involved. Then there are irrevocable living trusts. These are pretty hard to change. It may even be necessary to get the courts involved to make adjustments. You might want this type of design if you're set on the decisions you've made regarding assets and property.
If you care about your family's future and want them all to be protected in the right ways, it may be time to set up a living trust. Then there will be plans in place that can be executed quickly if something happens to you. Contact a company that offers online living trust services to learn more.
When my card was declined at the grocery store a few months ago, I realized my financial situation had hit rock bottom. Instead of ignoring the problem, I decided to meet with a financial counselor to see what I could do to make things better. I talked with him about how to handle unplanned expenses and how to budget for my day-to-day life. It was incredible to learn more about money, and now I can proudly say I am living within my means. I decided to make this blog for anyone that struggles with financial planning so that you can turn things around.