If you are constantly concerned about how your beneficiaries will manage their portion of the inheritance when you pass on, one way that will allow you to have some control over your money, even in death, is by opening a living trust.
A living trust is an efficient approach to handling one’s estate. It articulates how and to whom a person’s estate should be disbursed after they die. It can help save the delay and costs of probate, the court process of authenticating the deceased’s last wishes.
For instance, a parent could set aside some money for a child through a financial institution. The money is to be given to the child when they reach a certain age that’s pre-decided by the parent.
But that is not the only benefit to having a living trust. Here are some more advantages that are worth considering, find out more at financialeducationservices.com.
1. Keep Your Affairs Private:
A living trust will help keep your estate plans private. If you only have a will, your estate can be subject to public probate proceedings.
A living trust serves as a private legal document. The only people who need to know the stipulations of the trust are the parties concerned, such as the trustee and the beneficiaries.
While a will submitted to probate will become an issue of public record, your living trust will not.
2. A Living Trust Can Save Your Money:
A living trust can save some money by avoiding probate expenses after you pass away. Probate is an expensive and time-consuming process that can take months to complete. The court fees, as well as attorney fees associated with the process, can take as much as 5% to 10% of the entire estate value.
With a living trust, there’s no need for inventory or property appraisal since the trustee named by the trust maker oversees the transfer of assets and property to the beneficiary.
It’s also worth pointing out that properties and assets listed within a trust are exempt from estate tax.
3. Gives the Trust Maker Peace of Mind:
A living trust will help outline a clear strategy on how your assets are going to be managed. This will help protect you from unintentionally disinheriting a loved one and protect your property from the wrong people.
When the trust is drawn correctly, you will have peace of mind knowing that your estate will be managed exactly as you wish. When you pass on, the trust will also provide some level of comfort to your bereaved dependents since you will have laid out everything for them.
4. Take Care of Your Spouse and Children:
You and your partner or spouse can make a ‘joint living trust’. A joint living trust makes it easy for you to leave the majority of your property or assets to your partner depending on who survives the other.
If both of you happen to go simultaneously, your assets will be disbursed to your shared kids or other beneficiaries.
Leverage the Mycare Plan from Financial Education Services:
Having a living trust can prove to be immensely beneficial in distributing estate assets. It will allow you to have the final say in the process, even in your absence. The experience can be consolidated by the Mycare Plan from FES.
The Mycare Plan is an estate planning package that encompasses all the essential parts that comprise a comprehensive estate plan. It is very affordable with no hidden charges and is customized to your needs.
If you are someone that loves their kids and spouse and wants the best for them after you pass away, you should immediately opt for estate planning in Denver. Working with the top estate planning legal experts will ensure that your kids never have to suffer. Ensuring that you have a will in place will also ensure that there are no ugly family conflicts regarding the same.
Enroll on Mycare today and you can have peace of mind knowing you have made the best financial decision for you and your family.
