Estate planning is not usually a topic many people want to spend a lot of time thinking about, but if you have significant assets to protect, you owe it to your family and future beneficiaries to begin this conversation. But today, you can do more than just set up a will and last testament for after your death. Wtih this assistance of an attorney, you can set up a living trust to protect all of your assets before and after your death. Here are three reasons why you should set up a living trust today.
Avoid Probate Court to Distribute Faster
Traditionally when a will is executed, the estate ends up in probate court. These are the court proceedings through which your assets will be distributed after your death. This often means court costs for the estate, not to mention your beneficiaries if there is anything being disputed. But with a living trust, there is no probate, which means all of your assets will be distributed to the beneficiaries much faster. You simply name a trustee to take over the trust after you are gone, this person will take care of any debts and then begin distribution.
Because your living trust is not going through probate court, your estate will likely be saving some money. That's because there won't be any court costs for your estate to pay. If may also be possible to save some addtional money on the debts that you owe after death if you have your trust set up as a joint living trust with your spouse.
Maintain Privacy for Your Business and Other Assets
One major benefit of going with a living trust instead of a will is that because a living trust doesn't have to go through probate court, the entire affair can remain private. If you own a private business or have other assets that you don't want becoming public, a living trust can help you with this situation. Your estate is not required to disclose anything that was in your liviing trust after you are gone. A will, on the other hand is essentially a public document and will be available to the media and anyone else who requests a copy.
If you have significant assets to protect upon your death like a business or multiple bank accounts, it's worth it to go the route of setting up a living trust instead of a will. Living trusts can help your estate avoid the courtroom, which will allow your estate to distribute assets faster and without having to pay court costs. Living trusts are also a great way to protect the privacy of your business affairs, as the document is not public like a will and last testament. For more information, contact an attorney, like one from Rudolph and Chonoles LLP, today.Share