Reasons You Might Choose a Living Trust as an Estate Planning Tool

Though everyone should have a valid last will and testament, many Texans also establish a living trust and use that legal instrument to distribute the bulk of their assets upon their death. Revocable living trusts have become popular due to their versatility and the benefits they provide. Regardless of the size of your potential estate, it’s a good idea to speak with knowledgeable attorney about whether a living trust will suit your needs. 

Some of the benefits that might lead you to make a living trust the cornerstone of your estate planning strategy include the following: 

• Avoiding probate — One of the most significant advantages of a living trust is that your beneficiaries will able to bypass the probate process. Probate can be time-consuming, expensive and public, potentially triggering lengthy court proceedings and unnecessary fees. By placing your assets in a living trust, you retain control during your lifetime and ensure a seamless transfer of property remaining in the trust once you have passed away.
• Maintaining privacy — Unlike wills, which are filed with the court, living trusts offer a high level of privacy. As trusts are administered privately outside of the probate court, details of your estate, beneficiaries and assets remain confidential. This can be particularly valuable for individuals who wish to keep their financial affairs private or do not want others to know who receives their property. 
• Flexibility and control — Living trusts are revocable, which means that you can change or dissolve them at any time. Though you place your assets into the trust, you can access them at any time. You can also create conditions regarding the dispersal of your property after you have died by appointing a contingent trustee and drafting clear instructions. For example, you might want to direct that a beneficiary only receives assets at a certain age, or that they use funds for a designated purpose. 
• Protection in case of incapacity — A will does not go into effect until the testator has died. Conversely, you can deposit assets in a living trust and name someone else as contingent trust in the event that you are incapacitated at some point. This way, you can you can avoid the need for court-appointed guardianship or conservatorship, preserving your autonomy and safeguarding your interests.

At the Law Offices of Kevan I. Benkowitz in Plano, I am an experienced Texas estate planning attorney who can advise how a living trust might help you accomplish your objectives when It comes to preserving and transferring your assets. For a free initial consultation, please call [ln::phone] or contact me online.