It is no secret that we believe in educating our clients, and even those who are not clients yet, about the importance of planning ahead and having a Living Trust in place. We write blog articles such as this, offer enjoyable seminars to answer lingering questions, and compassionately walk our clients through every nuance of estate planning in one-on-one settings.
Simply put, Trusts are important. Planning ahead is essential. Having someone by your side who can make sense of it all makes a world of difference when it comes to answering the most difficult of questions with ease.
- Who gets your stuff when you die?
- Who should step in when you are incapacitated?
- Who will care for your children?
- How can you best protect your family in a crisis?
A Living Trust allows you to make the wisest choices now that will serve you and your family better later on when you cannot make those important decisions. And they are becoming more common now that people are beginning to realize they are not just for the super-wealthy. In my book, Who Gets Your Stuff When You Die, I talk at length about the myriad of benefits Living Trusts offer. But if I had to narrow that list down to a Top 5, this would be it.
If the need arises, we step in and answers every question
- More control — The Living Trust allows you to choose who manages your assets during your lifetime if you become incapacitated and even after your death. If you do not have a Trust, a probate court can and will appoint someone to settle everything, but everything may not “settle out” exactly how you intended. You can choose to name yourself as the trustee with the provision that a successor trustee takes over if you are unable to manage the Trust on your own. This is known as a revocable trust, and it has the advantage of giving you the most freedom of choice during your lifetime.
- Added privacy — Unlike a will, the Living Trust does not have to go through probate. Also, there is no public record of its contents. No one but you and whomever you choose to disclose it knows what it says.
- Easier management — A Living Trust can hold all of your assets, regardless of how you want them used or distributed. This can simplify management and allow for differences in how the assets are distributed to each beneficiary.
- Increased protection — The Living Trust can be crafted to protect assets from creditors, lawsuits, and divorce settlements. Plus, it is more difficult to challenge than a simple will. It can also keep your beneficiaries from being disqualified from government benefits. Sometimes, these sub-trusts are called supplemental needs trusts or special needs trusts.
- Easier transitions — Although a Living Trust may initially cost more to create than a will, they usually cost less in the long run. The Living Trust avoids court involvement if you become incapacitated or pass away.
Call Leigh Hilton PLLC today!!
Call Leigh Hilton PLLC in Denton, and we will help walk you through determining how a Living Trust can benefit you and your family. We have ample experience and will take into consideration your particular situation. Proper planning of an estate, whether through a Will, Trust, or both, helps ensure your wishes are carried out.
Leigh Hilton PLLC wants to be your first call every time for any estate planning need. We look forward to serving you.
Thanks for reading!