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 process. EIN 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:
- Avoid probate delays and expenses.
- Reduce the emotional stress on your family.
- Eliminate or reduce taxes.
- Enjoy total flexibility, since a living trust can be changed or canceled at any time.
- Keep control of your assets, even in the event of your incompetency and after your death.
- Avoid a conservatorship at physical or mental incapacity.
- Keep your privacy, as a trust is completely confidential.
- Allow for a fast distribution of assets to beneficiaries; and
- 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”