If the prospect of probate concerns you or your beneficiaries, a living trust might be right for you. A revocable living trust places your assets into a trust that can be used to your benefit during your lifetime; these assets are transferred to your beneficiaries after your death. Unlike a will, a living trust eliminates the necessity for probate.
It’s important to understand, too, the difference between a will and a trust. Probate is required regardless of whether you have created a will or not, but if the estate is part of a trust, the law does not require probate.
If you know you should be planning for the future, but you’re not sure what you need, use our free app to answer a few questions and receive immediate guidance as to what estate planning solutions are a good fit for you. Our app doesn’t require download so it’s fast, easy and convenient.
If you have a business and need help with succession planning, have an outdated prenuptial agreement, or have specific needs with respect to an elder, you may need additional estate planning tools to provide you with the most comprehensive legal coverage. Life care planning can be a great way to cover a broad spectrum of needs.
If you have young children, aside from ensuring assets are passed to them, you’ll need to appoint a guardian so the courts don’t make that decision for you.
If you have beloved pets, you may want to designate someone to care for them in the event of your death, and set aside funds for their care. Believe it or not, setting up a trust for a pet is a common solution, especially in the case of pets with long life expectancies.
If you have significant assets you want to protect for generations after you die, and want to control those assets during your lifetime, a living trust may be the right solution for your estate planning needs.