Even if you assume that your estate plan is complete, it never hurts to learn more about the many ways you can improve it. For example, the addition of a living trust could benefit you, your loved ones and your assets in a variety of ways.
Here are four reasons why you should consider a living trust:
- Avoid the probate process: Upon your death, assets held in a living trust are not subject to probate, which allows them to be passed on to the appropriate party in a time-efficient manner.
- Beneficial during incapacity: A properly designed living trust can care for you in the event that you’re incapacitated and unable to express yourself. Your trustee has the legal right to step in during this time and make key decisions on your behalf.
- Simple to change: A living trust is flexible to the point of being able to make changes as you best see fit.
- Control: For example, if you want to leave assets to your children, but you don’t want to give them access until they reach a certain age, you can set these terms and conditions in a living trust. This isn’t something you can do with a will.
Even though these are among the top benefits of a living trust, there are other reasons to learn more.
If it sounds like something you want or need to add to your estate plan, focus on the pros and cons as they pertain to your situation. This will allow you to make a confident final decision as to what you do next.