What is a Living Trust?
A living trust, also known as a revocable trust, is one that holds your assets in a trust for your benefit throughout your lifetime. Upon your death, the assets are then transferred to your designated beneficiaries by the person you name as the "successor trustee."
More people are opting for living trusts instead of a will due to the many benefits it has to offer. While a living trust may not be for everyone, learning all the options and how a living trust can benefit you and your heirs can help you make an informed decision. Here are some benefits that may appeal to you.
Avoid Probate
Probate can be a long and arduous process when courts get involved in distributing a deceased person's estate. Probate can also be costly. A living trust can ensure that you avoid probate through your successor trustee having the authority to distribute your assets according to the instructions without court involvement. This also ensures faster distribution of assets from your estate to your heirs.
Protect Your Privacy
Unlike a last will and testament, a living trust is a private document between the involved parties. A living trust is not a public record. This means that your estate's distribution cannot be searched through public records.
Covers Your Affairs in the Event of Incapacitation
No one wants to think about not handling their affairs due to an illness or incapacitation. However, a living trust can give you peace of mind knowing that should such an event happen, the person you chose as a successor trustee can manage your affairs without court interference. You can also avoid a court-appointed conservatorship for your affairs with a living trust. Another benefit of a living trust is that it's revocable, and you can dispute that you are incapacitated and regain control of your affairs.
Need Help Creating a Living Trust? Contact Owenby Law, P.A.
When you want to protect your family and your future, having a well-executed living trust can avoid unnecessary headaches. Creating a living trust is a complicated process, and attempting to do it yourself can leave many loopholes. Having an experienced attorney helps ease your burdens and avoid costly mistakes.
If you are ready to get started on your will or living trust, we are prepared to help. Our experienced Jacksonville estate planning attorneys will guide you through the process and ensure you have all your wishes for you and your family covered.
Contact Owenby Law, P.A. today at (904) 770-3141 to schedule a free initial consultation with our team.