What Can A Living Trust Do For You?
Aug 20, 2010 / By: Bradley B. Anderson, Estate Planning Attorney / Category: Wills and TrustsThere are several benefits to having a Living Trust as the foundation of your estate plan.
For starters, a Living Trust allows your heirs to avoid probate, an often costly and time-consuming legal process used to distribute your assets. With a Trust, the distribution is handled within the Trust documents and because the Trust technically owns the assets, no probate is required.
Another benefit is that unlike a Will, the details of your Trust are not public record. That means your estate remains private and your loved ones are protected from would-be con artists and overly aggressive sales people looking for a quick bargain.
A Trust also gives you some options that you can’t get with a Will. You can create incentives for your heirs for example, allowing them to increase the amount of their inheritance by achieving certain goals and objectives. Perhaps you set up the Trust to match whatever income they earn on their own or to encourage higher education, your heirs can receive a bonus if they graduate college.
Likewise, you can use your Trust to ensure that heirs with behavioral problems or addictions get help before inheriting a large sum of money.
A Living Trust also streamlines the entire distribution process and allows you to create a legacy that can provide for multiple generations to come.
To learn more about the benefits of a Living Trust, contact our office today.
Anderson, Dorn & Rader, Ltd is a member of the American Academy of Estate Planning Attorneys.
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