Creating a living trust can provide several benefits for people who want to manage their assets and property during their lifetime and after their death. Some of the main reasons why people create living trusts include:
Avoiding probate: One of the primary benefits of creating a living trust is that it allows assets to be transferred to beneficiaries without going through the probate process. Probate can be a lengthy and expensive process that can tie up assets and cause delays in distributing property to heirs.
Maintaining control over assets: With a living trust, the trust creator can maintain control over their assets and property during their lifetime. They can also specify how their assets should be managed and distributed after their death, providing them with greater flexibility and control over their estate.
Providing for incapacity: A living trust can also provide for the creator’s incapacity by allowing a designated trustee to manage their assets if they become unable to do so themselves.
Ensuring privacy: Unlike a will, which becomes a matter of public record when it is probated, a living trust can provide greater privacy for the creator and their beneficiaries.
Protecting assets: A living trust can provide protection for assets from creditors and lawsuits, which can be especially important for individuals who are at risk of litigation or have substantial assets that they wish to protect.
Overall, creating a living trust can be a useful tool for managing assets and property during and after the creator’s lifetime, providing greater control, flexibility, and protection than a traditional will.
Finally, and practically speaking, a living trust makes the estate much MUCH easier to handle for the beneficiaries. If you care about how smooth this transition is – in an already troubled time – then a living trust may be right for you!