1. A Living Trust Avoids Probate
A will is subject to probate, which is both time-consuming and costly. Adding to this is the fact that it’s easier for someone to contest a will.
A living trust is not required to go through the probate process. This allows your assets to be passed on to your heirs in a fast and efficient manner. Furthermore, it reduces the likelihood of someone taking legal action.
2. Privacy Protection
Are you concerned about the privacy of your estate plan after your passing? Are you worried that the wrong people will gain access to important information, such as the value of your assets and who is in line to receive them?
A will does not offer any privacy protection, as it’s a public document that anyone can access.
A living trust is different in the way that it’s not public record. This allows you to keep its terms and conditions out of the public eye, which gives you and your loved ones a high level of privacy.
3. Helpful in the Event of Incapacitation
There’s more to a living trust than using it to pass assets along to heirs without passing through probate.
A living trust is also helpful in the event of incapacitation, as it gives your trustee the power to manage your affairs without permission from the court.
You don’t want to risk the court system putting the wrong person in charge of your affairs if you’re incapacitated and unable to make your own decisions.
Also, keep in mind that a living trust is revocable, which allows you to dissolve or alter it at any time.
For assistance with all things related to creating a living trust, visit the website for Levine, Furman & Rubin at http://levinefurman.com or by calling our office at (732) 238-6000.