If you are not familiar with the reasons you should consider a Living Trust instead of a Will take a moment to review some facts:
Living Trust versus Probate
- A Living Trust eliminates the need for your heirs or surviving spouse to be subjected to the agony and unnecessary cost of taking a will through probate.
- A Living Trust is used to bypass probate. The probate proceedings may require your heirs to wait up to two years to receive what’s left of your estate after legal fees and other probate costs.
- A Living Trust assures privacy of your family’s financial condition and assets by avoiding the public disclosure of probate.
- A Living Trust provides the entity to minimize onerous taxes.
- A Living Trust establishes the means to take care of your needs if you are unable to manage your affairs because of illness, age, or an accident.
- A Living Trust can provide for the support and education of your minor children and can be used to care for a handicapped child without jeopardizing the child’s government benefits.
- A Living Trust avoids the main purpose of probate which is to publicly notify creditors and other “interested parties” so they can challenge your will.
- A Living Trust eliminates the cost of probating a will which may consume as much as 5-10 percent of your gross estate - money your heirs will never receive.
- A Living Trust is a simple, relatively inexpensive legal alternative that eliminates the costs and delays of probate and ensures that your loved ones will receive their inheritance promptly and exactly as you intended.