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A living trust—also known as a revocable trust—is a legal document that outlines how your assets will be distributed after you pass. It's similar to a will in many ways, but critical differences make it a better option for some. Before calling an estate planning attorney to draw up your living trust, learn more about the benefits of this option.

Why Should You Get a Living Trust?

1. Have Control Over Your Assets

A living trust describes exactly how your assets will be distributed upon your death. You will also designate a successor trustee, who will oversee the transfer of assets to your beneficiaries. With clear instructions, you can be sure your loved ones will be taken care of, even when you're not there to oversee matters.

A living trust also allows you to stipulate when and how your heirs will receive their inheritances. You can even determine how they use the money they inherit. For example, you can instruct your heirs to use the funds for college tuition or buying a home. You can also spread out the distribution of the assets over time, so your heirs don't receive the entire sum at once.

2. Avoid Probate

estate planning attorneyWhen a will is executed, it must go through probate—a court-supervised process of distributing an estate to designated heirs. With a living trust, you can avoid probate altogether because your successor trustee handles the distribution of your assets without court involvement. In most cases, your assets will be distributed faster and with less cost to your estate. 

3. Keep Your Affairs Private

After a will has gone through probate, it becomes public record. This means information about your personal affairs related to your estate and its distribution will be available to anyone. On the other hand, a living trust is a private document created by your estate planning attorney that never becomes public record. Only the parties involved will ever see the information, which may be preferable for those who wish to keep their affairs private.

4. Stay Protected in the Event of Incapacitation

A living trust can take effect before your death if you're ill or otherwise incapacitated. In this case, your successor trustee can begin managing your affairs without waiting for court approval. If you recover and you'd like to regain control of your estate, you and your estate planning attorney can have the trust revoked.

 

To hire a talented estate planning attorney, contact Bristol Law Office in Roswell, NM. With over 30 years of experience in family law, this practice is an excellent choice for those in search of a skilled lawyer. Attorney R. Matthew Bristol will work tirelessly to help you plan your estate and ensure your loved ones will be cared for in your absence. Schedule your first consultation by calling (575) 625-5284, or visit their website to learn more about their practice areas.

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