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| A Living Trust Can Be a Vital
Estate Planning Tool Discover the Benefits of Establishing a Living TrustDownload Your Free Report TodayEstate planning is something that we all need, and your estate plan can be simple or complex, depending on your assets and liabilities and how you want your estate distributed. Several documents are used to create a well-drafted estate plan, and the foundation of a solid estate plan is a Living Trust. If an experienced wills and estates attorney does your estate plan, your family won’t have to go through the expensive and time-consuming probate process. What is a Living Trust? A living trust is a document that can be part of an estate plan or used on its own. This document allows parents to ensure their children are provided for, without giving the children control over the property until a specific time or event. A living trust may also be used to provide for a parent or child with mental impairments, or for someone that does not have investment experience. A living trust may also include a spendthrift provision, which prevents the named heir from giving up – or transferring – his or her interest. It also keeps creditors away from the trust. Why Should I Have a Living Trust? A living trust helps avoid probate, can also lower estate taxes, and more importantly, protect the privacy of you and your loved ones. If a living trust is done incorrectly, it could negate the benefits. An experienced estate and trust attorney like Roy W. Litherland can ensure that your living trust is drawn up in the proper manner. How Does Having a Living Trust Help My Family Avoid Probate? In some states, the property held in a living trust does not have to go through probate. Instead, the trustee administers the trust according to the terms of the trust. Probate can be time-consuming, expensive, and is also part of the public record so you lose your privacy when an estate goes through probate. You and your loved ones have enough to worry about without having to worry about the costs and time delays that result from Probate. What is Living Probate and Can It Be Avoided By Having a Living Trust? Living probate is the process that happens when a person is deemed incompetent to handle his or her own personal affairs. A person may be deemed incompetent because of illness, an accident, or other causes. If there is no living trust in place, a judge determines whether the person is actually incompetent and, if so, appoints a guardian to care for the estate and financial affairs. This process can potentially disclose all the details of the incompetence to the public and can also be very expensive. The guardian acts under court supervision, which means that he or she must submit detailed reports to the court. A living trust can avoid the requirement of having a court deem a person incompetent and appointing a guardian. The Law Office of Roy W. Litherland offers free information and seminars to ensure you choose the best attorney to prepare your estate plan and living trust. Because we take pride in our work, you are not just another case number that walks into our office. We want to make sure that you and your family are well protected in the event of a loved one’s death. Learn More About Living Trusts Download our FREE report, Living Trusts: Calculating the Benefits, to learn:
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Living Trusts
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