The Benefits of a Living Trust: Why You Should Consider One
LS Carlson Law • June 14th, 2023
A living trust is a powerful estate planning tool that can offer numerous benefits for individuals and families. While it may not be right for everyone, a living trust can provide peace of mind and financial security in a variety of situations. Here are some of the key benefits of a living trust and why you should consider one for your estate plan:
Avoid Probate: One of the biggest advantages of a living trust is that it can help you avoid probate. Probate is the legal process of distributing assets after someone passes away, and it can be time-consuming and expensive. A living trust allows your assets to be distributed according to your wishes without going through probate.
Control Your Assets: With a living trust, you retain control over your assets during your lifetime. You can manage and control the trust assets as the trustee, and you can also change or revoke the trust at any time. This gives you flexibility and control over your estate plan.
Privacy: Another benefit of a living trust is privacy. Unlike a will, which is a public document, a living trust is private. This means that your assets and beneficiaries remain confidential.
Plan for Incapacity: A living trust can also help you plan for incapacity. If you become unable to manage your own affairs, your successor trustee can step in and manage the trust assets on your behalf. This can help ensure that your affairs are handled according to your wishes, even if you are unable to make decisions for yourself.
Flexibility: Finally, a living trust offers flexibility in estate planning. You can use a living trust to address a wide range of estate planning needs and goals, from providing for minor children to minimizing taxes.
At LS Carlson Law, we have extensive experience helping clients create living trusts that meet their unique needs and goals. Contact us today to schedule a consultation and learn more about the benefits of a living trust and how it can fit into your estate plan.
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