A living trust, sometimes called a revocable living trust, may be necessary to provide the ideal plan for your estate. There are many benefits to creating and using a living trust. In some cases, implementing both a living trust and a will is necessary to ensure that a complete plan is in place for the future of your property, though it depends specifically on your particular situation and wishes. It is important to consult with a professional when you decide to plan for the future of your estate.
Unlike a will, property held in a trust does not have to go through probate court before your estate can be settled and your assets distributed to your family. A trust will ensure that your beneficiaries will receive their assets more quickly, which can help to minimize the stress and cost during a particularly difficult time. A trust can also reduce tax liabilities and create more thorough control over the distribution of your assets. There are multiple kinds of trusts and the ideal type for you will depend on your situation, so you should consult with a qualified professional to determine the best plan for you, your beneficiaries, and your estate.
Probate proceedings are a matter of public record. The administration of an estate held in a living trust, however, is kept much more private, which can be particularly beneficial if you wish to keep the distribution of your assets private and out of public knowledge. This can go a long way toward protecting your beneficiaries and your assets.
Implement A Living Trust
The decision to create a living trust tends to have a larger initial cost, but the benefits of having a trust in your estate plan can have multiple benefits that far outweigh any upfront costs. It may also be important to implement a last will and testament to handle the distribution of possible “pour-over” assets. Effective estate planning services can help to ensure that you provide the best plan for the future of your property. To learn more about forming a trust, writing a will, or our other estate planning services, contact us at JDB Law today!
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