You may have heard of living trusts. You may even have decided that setting up such an arrangement would be a smart idea for you and your loved ones. However, with the full load of daily responsibilities that we all juggle, it’s easy for such plans to wind up getting put off until tomorrow again and again.
Then, an event like COVID-19 leaves you with an increased sense of urgency.
Of course, we hope that you and your family will stay safe and healthy for a long time to come. However, it’s always wise to plan ahead. A living trust is one way to protect the people you care about and increase your own peace of mind. Here are a couple of points to keep in mind.
What are the advantages of a living trust?
A living trust puts your assets into a trust during your lifetime. It can help you to avoid probate and protect your privacy. When and if you die or become incapacitated, it also enables you to leave instructions for your successor trustee to carry out.
Why should I consider taking action now?
It’s natural for COVID-19 to make you think more about providing for your loved ones and safeguarding your assets. However, life is always uncertain. It always makes sense to address such issues without delay.
How can I learn more?
Your tax advisor and other professionals can help you to decide if a living trust is a beneficial option for you. Here at ProAdvocate Group, we are also happy to talk with you about living trusts in general, and a revocable living trust in conjunction with a Texas Joint Stock Company (TJSC).
Contact us at ProAdvocate Group if you are interested in learning more about how to make the law work for you and not against you. We are a membership organization with over 41 years of combined expertise.