Aside from helping to avoid Probate, what are other benefits of establishing a Living Trust? [Video]

In previous weeks we’ve talked about how establishing a living trust can help ensure that the people you care about most are provided for. This popular estate planning tool not only gives you the power to choose how your property is handled now, but also lets you decide how it’s distributed after you pass away.

Aside from helping to avoid probate, what are other benefits of establishing a living trust?

– A living trust helps to protect your loved ones’ privacy. The probate process makes details about your estate public, including what assets you own, their value, and who your beneficiaries are. Because trust assets don’t have to go through probate, this information remains private.

– A trust gives you greater control over how and when your assets are distributed to your beneficiaries. In your trust document, you can outline specific guidelines for your trust, so your property is handled exactly how you want it to be after you pass away.

– While a trust can help you plan for what happens after you pass, it can also help you plan for the “what ifs” during your lifetime, like if you fall ill or become incapacitated (meaning you’re unable to manage your trust yourself). Your trust documents can help you plan for these unexpected situations. In them, you can provide instructions for how you want your trust managed.