Anyone with substantial assets should consider devising a legal document that provides specific instructions as to how they should be distributed after death. For many, a living trust is the most sensible option. This document is beneficial for several reasons. Here is what you should know as you go about the estate planning process.

Common Living Trust Questions

What exactly is a living trust?

Living trusts are written documents that declare your assets and put them under the legal title of a trustee. Since you own the assets, you can be your living trust’s trustee, which allows you to maintain complete control over everything during your lifetime. You will select a representative to distribute the assets to your beneficiaries upon your death.

What is the benefit of this option?

Living trusts essentially negate the need for probate court proceedings, which are time-consuming and often stressful for loved ones. Through this savvy form of estate planning, you can spare your beneficiaries from waiting for months or even years for the dispersion of assets. The representative that you chose will simply allocate any funds necessary to pay your debts, then distribute the remainder of the assets to your beneficiaries. Many also favor this option because it remains private, whereas a will is public.

Do you need an attorney to make one?

It’s not technically necessary to hire an estate planning attorney; however, since drafting a trust requires gathering and signing legally binding documents, it’s best to turn to a professional for help. If you have large assets, such as a business and multiple homes, it’s wise to consult with an attorney to ensure that your documents are created properly.

Is it necessary to have a will also?

A living trust is not a substitute for a will. While it does allow you a way to ensure that your assets are conveniently distributed after death, it’s still important to include any other property you own in a will. This could include something that you inherit or purchase after you created the living trust, such as a vehicle or a checking account that you may wish to distribute to someone specific. Wills also allow you to assign guardians for minor children.

Estate planning is a vital and responsible step to take if you want to make sure that your assets are properly handled after death. The family law professionals at Achille Law, P.C. serve residents throughout Brookville, PA. These attorneys are prepared to assist you through every step of the way as you create your living trust. Visit them online to learn more about their extensive services, including disability law, labor law, and workers’ compensation. Call them at (814) 849-6701 to arrange a free consultation.