Increasingly, Americans are including living trusts in their estate plans. As opposed to traditional trusts, living ones allow individuals to streamline the legal process, transferring assets to relatives faster and simpler than before. In some cases, it may even save money. If you’re planning your estate, there are several reasons to ask your attorney about the advantages of living trusts.
4 Key Attorney-Approved Living Trust Benefits
1. Avoid Probate
Probate law is the legal process of distributing a deceased person’s estate in state court. Often, probate amounts to a lengthy, arduous, and potentially expensive process. This may also delay the transfer of assets to beneficiaries. Fortunately, the distinct terms associated with a living trust can help you avoid probate altogether.
2. Save Money
If someone contests the distribution outlined in your estate, a living trust offers greater protection than a traditional one. To prevent your loved ones from spending money to fight a contestation, opt for a living trust. Plus, you also save money by avoiding probate expenditures.
3. Preserve Privacy
Many people feel uncomfortable with their personal details being shared in public court. When you avoid probate, you don’t have to worry about your private matters becoming public record.
4. Plan for Potential Issues
Unlike traditional trusts, living trusts help protect you if you become mentally or physically incapacitated. If you’re diagnosed with dementia or suffer from a severe stroke, for instance, your living trust would include appointees of your choosing to care for your financial needs and well-being. Otherwise, the court will appoint someone.
It’s never too early to begin planning your estate. If you’re interested in learning more about living trusts, consult the experienced estate planning attorneys in West Hartford, CT. Schedule a consultation with Keily Mira Law when you call (860) 251-9552. For more information about the attorneys, visit the website. You can also connect with the team on Facebook.