When it comes to planning your estate and ensuring a smooth transfer of your assets to your loved ones, the choice between a living trust and a will is a crucial decision. While both serve the purpose of distributing your assets big or small, a living trust offers several distinct advantages.
Avoid Costly and Time-Consuming Probate:
One of the key advantages of a living trust is that it can keep your assets out of probate, the court-supervised process of distributing assets after your passing. Probate can be both time-consuming and expensive, particularly if your will is contested. Living trusts, on the other hand, typically bypass probate entirely, allowing your beneficiaries to receive their inheritance more quickly and with fewer associated costs.
Enjoy Flexibility During Your Lifetime
A living trust is established while you are still alive, giving you the flexibility to manage your assets as you see fit. For example, if you include your home as part of the trust, you can specify your right to use the property, live in it, or even sell it while you are alive. This flexibility ensures that you maintain control over your assets until you are no longer able to do so, providing peace of mind and adaptability in changing circumstances.
Maintain Privacy and Confidentiality
Unlike probate, which is a public process, living trusts are private legal documents. This means that the details of your estate and who receives what remain confidential. The only individuals privy to this information are your named beneficiaries and the legal professionals who assisted in creating the trust. This confidentiality can be especially important if you prefer to keep the details of your estate and inheritance arrangements private.
An AmeriEstate prepared living trust can be a valuable tool for ensuring that your assets are distributed according to your wishes, efficiently, privately and avoiding probate.