Are you thinking about setting up a living trust? Revocable living trusts have many benefits over wills, such as avoiding probate after death and helping to keep your property and your personal information private and protected from court challenges. Here are four reasons you should set up a revocable living trust.
While some may look at living trusts as something that only rich people do, the truth is that living trusts benefit everyone who owns assets, regardless of how wealthy you are or how many assets you own. As mentioned above, setting one up will make things easier on your heirs by avoiding court challenges and the process of probate.
You Still Have Control
Some people avoid setting up a living trust because they think they will have to give up control of their assets while they are still alive. However, a revocable living trust is exactly that: Revocable. If you so wish, you can revoke it while you are alive.
It Has Benefits For You, Too
Living trusts aren’t just there to benefit your heirs after your death. They can also benefit you. One of the advantages of living trusts is that they allow you to provide for incapacity. Once you are deemed to be incapacitated, your appointed successor will take over the management of your property.
Not only can you choose who will manage your property, you can decide how to determine whether or not you are incapacitated. You can choose how many doctors you want to be consulted and what their certifications should be. You can even have it be determined by a panel of your friends and/or family.
Trusts for Other Causes
Not interested in setting up a living trust to benefit your heirs? Well, living trusts can also be set up to benefit a certain charitable cause or even a beloved pet. Contact us for more information.