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Why Would I Need a Living Trust?

McNair Dallas Law

Estate Taxes - Deathbed gift

Have you made any plans to distribute your assets and take care of your family, when you die or become incapacitated?

A living trust is a legal document that is created during a person’s lifetime to protect and manage assets for the benefit of the beneficiary. One of the main benefits of a living trust is its ability to provide an easy transfer of the trustmaker’s assets, while bypassing the probate processEIN Presswire’s recent article “Advantages of a Living Trust” explains several other reasons why may consider a trust-based estate plan.

Probate costs in Texas are much lower than in other states, but can take about 5%  or more of the gross value of your estate.   The probate process can also tie up your assets for a year or longer. It can be a very difficult and frustrating experience for your surviving family.

Some of the advantages to a living trust are:

  1. Avoid probate delays and expenses.
  2. Reduce the emotional stress on your family.
  3. Eliminate or reduce taxes.
  4. Enjoy total flexibility, since a living trust can be changed or canceled at any time.
  5. Keep control of your assets, even in the event of your incompetency and after your death.
  6. Avoid a conservatorship at physical or mental incapacity.
  7. Keep your privacy, as a trust is completely confidential.
  8. Allow for a fast distribution of assets to beneficiaries; and
  9. Save time, money, and future headaches for your family.

Review your circumstances with an experienced estate planning attorney, and they can help you determined whether you need a will-based estate plan, or a trust-based estate plan, or a combination of the two.

Reference: EIN Presswire (March 12, 2021) “Advantages of a Living Trust”

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