WHAT ARE SOME OF THE BENEFITS OF A LIVING TRUST?
July 22, 2017
When you are thinking about estate planning, you may have many different decisions and be unsure of which option is best. However, it is pivotal to review your different choices carefully and make sure that you move forward with the most advantageous plan, given your personal situation. For some people, living trusts are ideal. If you are thinking about creating a trust, it may be helpful to go over some of the reasons why these types of trusts are beneficial.
According to the Missouri Attorney General, there are different reasons why revocable living trusts are advantageous. For example, people who create this type of trust are able to avoid probate. By avoiding probate, a significant amount of money and time can be saved. Moreover, keeping an estate out of probate offers more privacy, which some people are concerned about. With a revocable living trust, you are also able to make certain changes to your trust while you are still alive. For example, if you have a change of mind, or if the circumstances involving you or a beneficiary change, you are able to modify your trust.
In some cases, revocable living trusts are the most sensible way for a person to protect his or her assets, while others may decide to move forward with a will or another option. Regardless, it is pivotal for you to do what you can to protect your estate and ensure that your assets are distributed according to your wishes after you have passed away.