A living trust is an estate planning document that allows you greater control over how your property is divided after your death. It lets you name beneficiaries and bypass the lengthy and costly probate process. However, because of its unique nature and distinctive benefits, it’s often an area of confusion to interested parties. Below, the will and trust lawyers at Metcalf & Quinn, in Wisconsin Rapids, WI, debunk a few of the more common myths surrounding the option.
What People Get Wrong About Living Trusts
1. You Need to Be Rich to Have One
A prevalent misconception is that one needs to be wealthy and have considerable assets to require a living trust. To the contrary, smaller estates reap their own rewards from the investment, as probate can be expensive and sap limited resources. As such, the option offers a way to save money. Also, regardless of your estate size, you’re protecting your loved ones from the stress and costs of dealing with courts and legal procedures.
2. They Are Expensive to Create
While it's true that a living trust might have a slightly higher initial price-point than other types of estate planning documents, you are likely saving money in the long run. With just standard wills and trusts in place, you must figure in the expense of probate, attorneys, and conservatorships, all of which need to be paid after your death. With a living trust, however, these costs are unnecessary as everything is already arranged and accounted for.
3. You Have No Control Over the Assets
As long as you name yourself the trustee, you retain ample control over the items placed in the living trust. You can sell the property, purchase more, modify its terms, and void it if the need arises. You also have greater say over who inherits the assets since you name the beneficiaries and state when they will receive their inheritances, even if it is years or decades after your death.
Explore for yourself the flexibility of a living trust. Contact Metcalf & Quinn today by calling (715) 423-1940 or visiting them online to arrange an appointment. With over 75 years of combined experience, the seasoned will and trust lawyers will help you find the solutions you need to ensure your wishes are met and legacy is protected.