No one wants to think about a time we’re no longer here, but planning for the care of loved ones and the continuance of assets is very important. Estate planning is one of the most important things we can do in life. Often in estate planning, a living trust will be established due to the considerable benefits over a will. Planning should include legal representation for estate planning Orlando-based.
A Living Trust
A living trust is a trust established during one’s lifetime and can be a revocable or irrevocable trust. You control a revocable trust, and an irrevocable trust is controlled by a trustee but has tremendous tax benefits. Essentially, a trust is an entity that will live beyond you and holds title to all of your assets.
How Does It Differ from a Will
A living trust is very different from a will. Upon your death, your assets will enter into a probate process, whereby an executor then appropriates assets to your heirs per the will. The probate process can open up your assets to prying eyes and be a lengthy and frustrating process.
A trust sidesteps the probate process with just the title of trustee passing from you to a successor or co-trustee. Sidestepping probate avoids the costs of probate and keeps your affairs private. A trust is far less likely to be contested than a will.
Estate planning is essential to ensure the continuity of your assets and that your wishes are adhered to upon your death. A trust should be a consideration in place of a will and is something you should speak to an estate planning attorney about.