If your attorney is recommending that you create a living trust, you might want to listen to him carefully as he may have your best interests, and your family’s best interests, in mind. Although a living trust won’t be in the cards forever, there are some important benefits that could save your family a tremendous amount of time and money later on down the road. Here are some of the most essential benefits of a living trust:
The assets within a living trust do not technically belong to the individual who created the trust; therefore, they will not be a part of the estate, and they won’t have to pass through probate proceedings. After you pass away, the money and assets in your living trust can go directly to the beneficiaries.
Protection from creditors
Another important benefit relates to creditor protection. As long as the assets are contained within the trust, they cannot be taken away from your beneficiaries by a creditor.
Stay in control
Since you will be the trustee of your living trust, this kind of trust will help you stay in control of your monies.
The living trust offers most of the benefits of other trusts, while maintaining a certain amount of flexibility since you’ll be able to make changes to it in the future — unlike other kinds of trusts that are set in stone.
Plan for college
Use a living trust as a part of your child’s college planning.
If you want to find out more information about living trusts, our law firm is available to discuss your situation and needs in further detail.