If you’re unsure of what a living trust is, you wouldn’t exactly be alone. Many of Americans don’t know what this legal term means. A “living trust” is an estate planning tool, in essence. It holds the assets of the trust creator in a trust for her or his benefit, during the person’s lifetime. It’s been widely estimated that roughly 20 percent of Americans today now have living trusts. Which brings us to our next point…
Should I have a living trust? Many people these days are wondering whether or not they should invest in a living trust. To understand if this is right for you, it’s important to note the benefits of a living trust:
Avoids Probate. Probate is the process of doling out a person’s estate. If you place your property in a living trust, you can avoid probate – which can be a very expensive and stressful process. Having a living trust firmly in place can also mean a faster distribution to your heirs.
Saves You Money. A living trust can save you money, because this means that your estate will not go through probate. This means no court costs! Just note that if you have no children or significant assets, a living trust may not necessarily be the smartest financial decision.
Protects Your Privacy and Provides Peace of Mind. A living trust will protect your privacy. It is a private document that does not become part of the public record. So, now one can later on search public records to find out about how your estate was distributed.
Contact Luce Law Today
Do you have questions about a living trust is? Would you like expert legal assistance in this area? If so, please feel free to contact Luce Law at (972) 346-5170 with your questions or concerns. We’re always happy to offer our help.