Why You Need a Living Trust?

A living trust is used to make sure that your money (and assets) go where you want them to, when you pass. It will ensure that your family will be taken care of when you are gone. A living trust, unlike a will, starts when you are still alive. It allows you to transfer control of your assets to a trustee. You can be your own trustee, or you can choose someone else.

Why You Need a Living Trust?

So, why would you want a living trust? Here are some reasons to consider this option.

If you have a living trust, and you become incapacitated, you will already have a trustee to oversee everything. If you do not have one, the court may end up choosing someone to take over your assets. You won’t have any say in what is decided, and it may be against your own wishes.

It will help to settle your estate faster, than if you only had a will. When you have a living trust, your family can avoid probate. This is when your estate goes through the court system and can take a long time (and cost a lot of money). You can avoid this for your family by making a living trust.

You can also leave your assets to your children, even if they are underage. If you only have a will, the court will make sure that there is an adult in charge of your assets until your children are eighteen or twenty-one, depending on where you live. They can use your assets as they see fit. However, when you have a living trust, you can decide that your children can receive the money once they are a certain age or have graduated from college (or something similar). The trustee will have to do as you say, with that money.

If you are unsure about whether or not you need to have a living will, the best thing that you can do is talk to a professional. Don’t hesitate to contact us today. We will be glad to take some time to talk to you about your options, so you can start planning for the future.