Five Advantages of a Living Trust
Five Advantages of a Living Trust
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1. A living trust avoids probate. What is probate? Probate simply refers to the court-supervised process of distributing a deceased person’s estate. Probate can be very lengthy and costly as well as delay distributions to your beneficiaries. It may also cut down on the amount of money the beneficiaries inherit. When you place your property in a living trust you can avoid probate. Your heirs will have a faster distribution which could shorten the time frame from months or years to even weeks.
2. A Living Trust protects your privacy. A living trust is not made public and upon your death your estate will be distributed in private. A will is a public record and all transactions will be public.
3. A Living Trust provides clarity of what you want for your loved ones. A living trust is a clear plan that will deal with all of your assets. It will give you peace of mind knowing your loved ones are provided for. If you have a family member with special needs it clearly outlines how they will be taken care of.
4. A living trust will protect children who are Minors. A trust will hold the money for minor children until they are responsible enough to manage the money for themselves. Money can even be staggered over a period of time distributing it to them at different ages.
5. In the event of a divorce it will protect your spouse from obtaining all or a portion of your money in a settlement.
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