Living Trust Lawyer
A living trust is an estate planning document that creates a trust for your assets and can benefit you during your lifetime. This document can be changed or revoked by you at any time. Here are a few reasons why you should consider setting up a living trust.
Probate is the legal process in which a will is proved valid in court. The process can be time-consuming and expensive, so many people want to avoid it. If you set up a living trust, you can help your heirs avoid probate. They will be able to receive their inheritances a lot quicker.
Withstand Legal Challenges
Heirs can contest a will if they believe the decedent was incompetent or under undue influence when the document was signed. Whenever someone contests a will, it can slow down the probate process, so other heirs may have to wait a long time to receive their inheritances. This is another reason to consider setting up a living trust. Living trusts are much more difficult to challenge than wills. To challenge a living trust, an heir has to prove that the grantor was incompetent or under undue influence when the trust was signed, when each asset was transferred in the trust and when each distribution was made.
Since probate is a public process, anybody can access your will. This means people you might not necessarily want to view your private information will be able to do so easily. If you’re a private person, this might make you feel uneasy. A living trust, on the other hand, isn’t filed with the probate court, so it remains private.
Assist During Incapacitation
While it’s not pleasant to think about, you just never know if you will become physically or mentally incapacitated during your lifetime. If this should happen, you want someone you trust to make financial and healthcare decisions on your behalf. If you establish a living trust, you can appoint a trustee to manage your affairs in the event of incapacitation.
Protect Your Children
If you create a trust, it will be able to hold money for your minor children until they are old enough to manage it themselves. If you have an adult child who can’t manage money due to an alcohol or drug problem, the trustee can hold the money and distribute it as needed.