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What are the Benefits of a Living Trust?

Transcript

By Phillip B. Rarick, Weston Estate Planning Attorney

Every person, whether you have $100,000 or $1 million, should have a living trust rather than a will for 4 reasons:

  1. Living trusts have become the way most persons plan because a will must usually go through the costly, bureaucratic court system known as probate. A trust, properly funded, can avoid probate.

  2. A living trust can help avoid guardianship in the event of incapacity. Guardianship legal costs often start at $5,000. A living trust can help avoid these costs.

  3. You don’t want your hard earned money to go to your child’s new spouse or be grabbed by a creditor of your child. A living trust can help make sure this does not happen.

  4. Your living trust can help ensure that your children receive a first-rate college education – and make sure they don’t blow what you leave them when they turn 18.

These are just a few of the benefits of a living trust. If you do not have a living trust you do not have instructions to care for you and your loved ones. It is important to consult with an experienced Weston estate planning and trust attorney. Let us know if we can help.