While a Simple Will may be sufficient for those with fewer assets, individuals with property or investments exceeding $100,000 or more complex financial situations often choose a Living Trust for its added benefits. A living trust provides greater flexibility, helps avoid probate, and ensures smooth management of assets both during your lifetime and after your passing.
Benefits of a Living Trust
Choosing a Revocable Living Trust as part of your estate plan provides several advantages:
- Avoiding Probate: A living trust bypasses the often lengthy and costly probate process, allowing for a quicker and more private transfer of assets to your beneficiaries.
- Flexibility During Your Lifetime: Since it is revocable, you can modify or revoke the trust as your financial circumstances or wishes change.
- Incapacity Protection: If you become incapacitated, your designated trustee can manage the trust’s assets without the need for a court-appointed guardian or conservator.
- Privacy: Unlike a will, which becomes part of the public record during probate, a trust keeps your estate affairs private.
- Continued Asset Management: The trust allows for continuous management of assets during your lifetime and after your passing, ensuring that your financial legacy is handled according to your wishes.
What's Included
- Designates someone you trust to manage your financial and property-related matters if you become incapacitated.
- Ensures your financial obligations, such as bills, investments, and property management, are handled without delay.
- Allows you to appoint a healthcare proxy to make medical decisions if you are unable to do so.
- Protects your healthcare preferences by giving clear instructions to medical professionals.
- Grants your healthcare proxy and trusted individuals access to your medical records, ensuring they have the information necessary to make informed healthcare decisions.
- Complies with federal privacy laws while still granting access to those you trust.