When it comes to estate planning, most people think of wills. However, a living trust is just as helpful and can provide both you and your family with significant benefits. But if you’re not familiar with this document, you may wonder what it will do for you. The knowledgeable attorneys at Estep & Estep in Tazewell, TN, have been helping clients find solutions to their estate planning needs for over six decades. Below, they offer some helpful information on living trusts, so you can make an informed decision.

3 Reasons to Consider a Living Trust

Reduces Estate Taxes

A living trust offers some unique estate tax deduction opportunities that aren’t available with other planning options. This can significantly ease the financial burden on your family members should you pass away unexpectedly. For instance, a marital deduction allows spouses to pass property to one another without taxes being applied.

Prevents Probate

With a living trust, you can also prevent your estate from entering probate. Probate is a costly and often lengthy legal process that involves proving your will is valid, paying off outstanding debt, and distributing assets to beneficiaries. Not only can probate incur high fees, but it also makes the details of your estate public. However, with living trusts, an appointed party of your choosing, otherwise known as a trustee, will oversee your estate after you pass away, and they will distribute any property as specified.

Offers a Solution to Incapacity

Another benefit of a living trust is that it can go into action before you pass away. Unlike a will, which only applies after you’re deceased, a trustee can take over your affairs while you’re still alive. This is beneficial should you become incapacitated by illness or injury. In this case, you can rest easy knowing your finances will be in good hands when you’re no longer able to make decisions on your own.

In Tazewell, Estep & Estep is dedicated to helping clients navigate even the most complex legal issues. These estate planning experts will work with you to devise a solution that suits the unique needs of your lifestyle and family. Give them a call today at (423) 626-3525 to schedule a consultation, and visit their website for more information on what they do.