2 minutes reading time (308 words)

Top Reasons to Set Up a Living Trust


Even if you are not super wealthy there are many benefits to setting up a living trust. A living trust is a document set up by an estate attorney to help you manage your assets, including property while you are alive and names a trustee to act on your behalf to carry out your instructions, if you become incapable of caring for yourself or pass away. Here are a few of the top reasons why you should set up a trust.

Avoids Probate- A trust allows your heirs to bypass probate which can be a lengthy process and your estate can be charged up to 5% in probate fees. This can mean a substantial savings in time, legal fees and paperwork.

Protection Against Disputes- Unfortunately there may be someone who is unhappy with the way you have instructed to have your assets distributed. A trust is harder to contest than a will is because they have to be able to prove that you were under undue pressure or influence in setting up the trust which is nearly impossible.

Flexibility- Trusts offer more flexibility in how you can distribute the funds. In the case where you may have minor children you can specify how the money is spent and when they would have full rights to the funds.

Avoids Estate Taxes- A trust can provide a way to avoid or reduce estate taxes because assets and property placed into a trust are not subject to these taxes.

Minimizes Family Conflicts- You can specifically detail exact items and monetary distributions to be given to each beneficiary. This helps to curtail any of the “who gets what” problems that may arise with family members.

Privacy- Trusts, unlike wills, are private because they do not go through probate. This means your assets and who you leave them to are kept private.

The Importance of Choosing the Right Trustee
Tips to Avoiding Credit Card Fraud While Traveling...

Related Posts

Search Blogs Module

Wait a minute, while we are rendering the calendar
president Trump car loans IRA accounts scams Healthcare Mobile Banking Security Tips Kiplinger Letter trustee Kraig Mathias increase Orange County parking spots contribution limit retirement plans privacy notices estate Medicare Part B Brexit vote pet supplies investment statements driver license Wells Fargo employees illiegal robocallers Notary Public EEChecklist-Kits.pdf stockpilingchecklist.pdf tax deadline FSA people medications ice cream 4 pm -8pm vision screening partner /owner Open House paperwork clutter gap insurance February 14 credit score April 11 National Ice Cream month Medicare Part B premiums policy interest rates checklists Social Security Administration fun facts bottom line account numbers Charles Schwab home settlement options retirement accounts April 15 earthquake app home emergency preparedness kits Medicare question chip-enabled EMV cards app June 29 relief efforts jury duty padlock 2017 TD Ameritrade National LINC Conference information Facebook home emergency kit credit cards credit card company cell phone carriers house sitter Social Security clients home security blog post Wells Fargo customers retirement prescription eyeglasses Part D premiums . Expired medications phishing scams pet donation drive ice cream event clone counterfeits D premiums integral member privacy settings information media accounts pets non-prescripstion sunglasses phone companies home mortgages Federal Trade Commission website assets family members drive /usb 401K notary services retirement planning home break-ins 23 andme fees banking FEMA website July 4 Asset Planning disaster areas Two-Step Verification phone emergency kits Supplemental Security Income cell phones Medicare 900 number 2017 Equifax breach toilet paper operations manager Roth IRA Financial Planning Magazine Shred paperwork phishing sites borrowing money spring cleaning executive order 20 year anniversary self-help topics January 10 cell phone service provider flash drive rescue organizations documents health care services news coverage vacation 2018 IRA contributions October 1 2020. Facebook profile pet industry credit freeze Open Enrollment breach summer memorial Day weekend card reader fun atmosphere web address Flexible Spending Account Independence Day money Puerto Rico client portal cell phone carriers offer estate planning direction IRS deadline TD Ameritrade Medicare Advantage cell phone SIM swap scam identity theft “ skimmer ”. cell phone provider portal donation counts ID card Orange County Superior Court health care costs DNA test kits Ice Cream Social VOIP landline phones Legal robocalls Auto insurance email notifications credit monitoring service company Victor Dergunov wells Fargo Joey Gonzales emergency kit Retirement Contribution Limits text messages consumer spending spam phone Erin Nelsen Treasury Department https :// April 18 2017. Fox News story team members tax season debt insurance policies donation items Medicare plan California Lions Friends trust Part B pet Affordable Care Act 70 1/2. offering insurance life saver https ://seekingalpha hurricane Dorian birth certificates insurance policy holidays approach check lists identity thieves Amazon asset Planning items estate planning credit card fraud CERTIFIED FINANCIAL PLANNER exam opt-out 2017 IRA contributions official certification clients show support CFP ® emergency folder