A living trust is something that anyone with assets should consider having prepared for them. This legal document will ensure that your family members receive the legacies you wish immediately following your passing without the hassle of the probate court. It should only be completed by Living Trust Attorneys so you can be certain it is prepared correctly to avoid costly lawsuits or friction among your heirs.
A living trust is a valuable tool because it will be designed exactly how you wish and is legally binding even if you become mentally incapacitated in your final days or years. You can choose one of the two main types of trusts. One that will allow you to remain in control of your finances and other assets for the remainder of your life and one that gives that control to someone of your choosing. This basically means you will be giving your wealth away to someone else before your passing and should only be done if your life circumstances make this feasible. Your attorney can advise you as to which of these trusts are the best for your needs.
Additional trusts are also available to cover special circumstances. The point of many trusts is to make certain that your heirs are not left in a tangle of paperwork following your death. Since family members will already be dealing with funeral arrangements and emotional issues at this time, these trusts are a wonderful way to take the stress off the shoulders of loved ones one last time.
Living Trust Attorneys like Mark Aberasturi can also establish these trusts to enable heirs to save money on inheritance taxes too. These legal methods make it possible for those with large estates to save thousands in tax dollars.
There are other reasons to consider having a living trust. Probate court is public, so if the idea of having your financial life exposed to the world concerns you, this is the best way to avoid that invasion of privacy. It is also how parents can ensure that their children are able to get their inheritance in case the parents pass prior to the children reaching adulthood. Talk to an attorney to learn more about why you need to have a trust.