5 Reasons You Should Have a Living TrustPosted on July 25, 2022 by shieldsandboris
Living Trusts are legal documents designed to protect your assets and keep you in control, even after death. Living Trusts provide clear directions for how to distribute your assets after your death.
But there are even more benefits to having a living trust:
- Probate avoidance. Since trusts do not have to be deposited in the Courts, a trust can distribute assets much more quickly and without the costly expense of a court proceeding.
- Medicaid Eligibility. Some trusts allow you to protect your assets from nursing home costs, should long-term care become necessary for you or your spouse.
- Conflict avoidance. A well-drafted trust establishes your wants and wishes while you are of sound mind and helps avoid potential family conflicts.
- You retain control. A trust offers you the ability to stay in control of your assets, during your lifetime, and even after death. As the Grantor and Trustee of your trust, you will call all the shots and have full control over your assets.
- Privacy. Only named beneficiaries can see a trust document and know what it contains. Since a trust does not go through the Court, the document remains private rather than becoming part of the public record.
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