Advantages To Simplifying Your Estate Planning With A Living Trust
Hiring a lawyer to create a living trust may seem like a more complicated way to do estate planning, compared to simply writing a will. However, the time and money you invest now could save your family stress and aggravation later.
At the Law Offices of Aurelio Leo Lara in McAllen, Texas, we have seen our clients who establish a living trust enjoy several clear benefits.
Advantage No. 1: Your Assets Are Easy To Find
Living trusts can be a simple way to gather your assets, particularly if you own property outside of Texas, or if you have stored your financial assets in a number of different accounts. You will provide a list of accounts to be included in the trust to our firm’s attorney as part of your role as the living trust’s settlor and first trustee; this will make it much easier for whomever you name as a successor trustee to manage your estate.
Advantage No. 2: Your Heirs Avoid The Probate Process
Many Texans choose to create living trusts to save their heirs the trouble of guiding their estate through the probate process. With a trust, your estate will never be required to go through probate.
Advantage No. 3: Your Estate’s Privacy Is Preserved
One of the main disadvantages of probating an estate is that everything about it is public. An estate administrator is required to advertise that a probate case is active, and lists of assets involved in a probate case can become part of the public record. Living trusts are private, and your assets and distribution wishes remain private as well.
Advantage No. 4: Your Wishes Are More Likely To Be Respected
If there is any concern that your will might be contested, a living trust can be a solution to heading conflict off before it happens. If there is a challenge to a living trust during the settlor’s lifetime, he or she may testify related to his or her wishes. During a probate case, the author of the will is no longer alive, so a challenge may have a greater chance of succeeding.