Death doesn’t care if we’re rich or poor or how many assets we have. That’s why an estate plan is an essential component of life and something that everyone needs. A will on its own is not enough without a living trust. A trust is a separate legal entity and has several major advantages.
Why Have a Living Trust?
An estate plan includes a living trust, which I like to call the backbone of the estate plan. Trusts are unique to each individual’s or family’s needs and structure. Here are some of the most considerable advantages a trust has over a will.
Probate Avoidance with a Living Trust
A trust helps save thousands of dollars by avoiding probate. Probate costs include attorney fees, court fees, filing fees, bond fees, and publication fees. All these can easily add up to thousands of dollars and a lengthy tiresome legal process.
With a trust, you can avoid probate, save your money and time, and have a seamless transfer process of your assets to your beneficiaries.
Secure Your Privacy with a Trust
A living trust helps handle assets outside of a courtroom. When a person is incapacitated or no longer alive, their loved ones can access those assets, maintain finances, and carry on the loved one’s written wishes without court involvement. Trusts do not become public records granting access to just about anyone with internet.
Also, trusts are privately administered between an attorney, trustee, beneficiary, and select professionals, such as the trustee’s accountant.
A Custom Fit Trust
A knowledgeable and experienced trust attorney crafts each trust specifically for the trustee and their family structure. That’s why every trust will be different based on a person’s profession, business affiliations, assets, and goals. The right trust attorney will secure everything of value, tangible or intangible, in a uniquely crafted trust just for you. Therefore, each estate plan is unique to the individual based on their needs and varies in price.
