It’s sometimes assumed that, so long as you have a will in place, your estate plans are pretty secure. This isn’t necessarily the case. In fact, for anyone who wants to see their estate plan enacted without getting caught up in probate court, a will alone isn’t sufficient. At Singh Law Firm, we also recommend having a number of other key documents in place, including a living trust.
In this post, we’re going to look a little closer at what a living trust is; the benefits it provides; and why you ultimately want to work with a living trust attorney in securing your estate plan.
What is a Living Trust?
Let’s start with a basic definition. A living trust is a legal document that appoints a particular individual, the trustee, to manage your assets, with the intention of those assets eventually being passed to a beneficiary. Living trusts are designed to help you bypass the complexities of probate court.
It’s worth noting that there are different types of living trust, as well, including both revocable and irrevocable. We won’t get into these distinctions today, but you’re encouraged to ask your living trust attorney in Fremont.
What are the Benefits of a Living Trust?
Another key topic: What are the benefits of including a living trust in your estate plan?
Our living trust and will lawyers outline the following advantages:
- Living trusts are designed to avoid probate, which can save your beneficiaries a lot of hassle.
- Living trusts can be useful for minimizing your tax burden, as well.
- Living trusts can help you maintain some privacy and avoid public disclosures about the contents of your estate.
- With a living trust, you can exert greater control over how your assets are passed down and ultimately used.
These are just a few of the reasons why we’d recommend working with a living trust attorney in Fremont.
Who Needs a Living Trust?
Clearly, living trusts have some advantages… but does that mean everyone should have one as part of their estate plan?
We are generally reluctant to say that anything is truly essential for all estate plans; estate planning is never one-size-fits-all. With that said, if you’re zealous to preserve some privacy and don’t have any other measures for avoiding probate, a living trust can make a lot of sense. Talk to your estate planning lawyer for more information.
Working with Living Trust and Will Lawyers
While creating a living trust is fairly straightforward, it may still be advantageous to work alongside an estate planning lawyer. An attorney will help you ensure that your living trust is set up properly, that it works harmoniously with your other estate planning documents, and that you’re on the right path for minimizing taxes and avoiding probate.
Indeed, whether you need a living will, trust, power of attorney, or all of the above, an estate planning lawyer can help you ensure your legacy and minimize any hassle for your heirs and beneficiaries.
Ready to Talk with a Living Trust Attorney?
Estate planning is never cookie-cutter; what works for you may not work as well for the next person. As such, we’d highly recommend discussing all your estate planning needs with a seasoned attorney, someone who can listen to your needs and goals and help you craft the most efficient approach.
Singh Law Firm is one of the most trusted estate planning firms in the Fremont area. We’d love to talk with you about your estate planning objectives, answer your questions, and help you develop a plan. Reach out to our living trust and wills lawyers at your next opportunity.