Planning for your eventual death can seem like a grim task, but it is one that is vitally important in today's modern world. Many people amass significant assets over the course of their lifetime.
You probably have specific ideas about how you want your assets to be dispersed after your passing. The only way to ensure that your desires are followed is to work with an experienced attorney to complete the estate planning process.
A living trust is a valuable tool that can be utilized to help you achieve some targeted and specific goals when it comes to the dispersal of your assets.
One of the greatest benefits that a living trust can offer is access to privacy after your death. A last will and testament is considered public record. This means that any person could access these documents and identify how you chose to divide your estate.
Keeping the dispersal of your assets private can help you protect the rights of your family members. Privacy provided through a living trust can also help you prevent inter-family disputes among extended relatives after your passing.
It's important to consider the financial obligations that your surviving family members will have to bear after your death. In addition to funeral and burial costs, most family members have to pay inheritance taxes and other fees.
If you don't take the time to establish a living trust, your assets will have to pass through the probate process before being released to your heirs. Probate can be costly for your surviving loved ones.
Court costs and attorneys' fees can add up quickly, placing undue financial burdens on your family. A living trust allows your assets to bypass the probate process, saving your family money over time.
Another benefit that you will enjoy when you make the choice to establish a living trust is the versatility these trusts offer when it comes to the administration of your assets.
A lot of people become ill or incapacitated toward the end of their life. A living trust gives your appointed trustee the ability to step in and begin overseeing the administration of the assets within the trust on your behalf without legal intervention.
You can rest assured knowing that your affairs will be handled by someone you trust, not left in the hands of a court-appointed stranger.
Contact a law firm, like Rudolph and Chonoles LLP, to talk about the many ways a living trust can benefit you when completing the estate planning process in the future.