Why Should I Consider a Living Trust?
Planning your future is important, and it’s not just important for you – it’s important for the people you care about. Fortunately, you can turn to an experienced estate planning lawyer to get the help you need when you decide to get serious about your future.
It’s not always pleasant to think about your future, because it usually involves thinking about your own mortality. However, it’s important to understand and accept that you won’t always be around to care for your family and friends. And, as an estate planning lawyer can explain, if you want to give them the best future imaginable, you’ll look into a living trust.
You may have already heard of wills, and living trusts cover a lot of the same bases. But what sets them apart from wills, and why should you consider establishing a living trust? Read on to learn about trusts, and how an estate planning lawyer can help you decide what’s best for you and your beneficiaries.
What is a Living Trust?
A living trust is a document that outlines your assets and provides instructions for what should be done with your estate after your death. The terms “trust” and “living trust” are largely used interchangeably, but there are certain exceptions such as “irrevocable trusts” (more on those later).
Wills are simpler to create than living trusts because they don’t require active management. Living trusts are called “living” trusts because you have to keep them updated and managed throughout your lifetime. It sounds like a lot of work, and it is – but it means you can add or remove assets from your trust whenever you want.
Living trusts allow flexibility during your lifetime, but irrevocable trusts are usually a little more set in stone. Irrevocable trusts can’t be adjusted as easily as living trusts, but they’re usually reserved for bigger estates and reducing tax liability.
Whatever kind of trust you decide to create, it’s an important step towards ensuring a good future for your loved ones after your death. But where does a lawyer factor into all this? An estate planning lawyer is an important resource to have when you decide to make a trust, and for good reason, too.
How an Estate Planning Lawyer can Help
It’s possible to create your own living trust, but it’s not advisable. A trust requires a lot of moving parts, and the slightest error can make it completely invalid – meaning all your hard work went nowhere. The right lawyer can help you create a trust and also avoid any legal pitfalls or errors that could potentially throw the whole thing out the window.
Creating a living trust – and managing a living trust – takes a lot of work and a lot of jumping through hoops. There are plenty of opportunities to make a serious mistake, and the right lawyer can help you avoid those mistakes. An estate planning lawyer can do even more, too. For example, if you want to include special instructions in your trust for certain family members, your lawyer can incorporate those and any other specifics you’d like mentioned.
It’s never too soon to think about your future, and it’s never too soon to plan your estate. Get in touch with an estate planning lawyer today, and see how a living trust can benefit you.