Most people do not think about estate planning for numerous reason, not enough assets, no time, do not care, and so on. I am here to tell you EVERYONE needs to think about estate planning. One way to take care of the majority of your estate planning is by setting up a Living Trust. I have listed below the reasons why you need to have a Living Trust .
1. Avoid Probate: Do you want the courts telling you how to divide up your assets or who will take care of your children? Well that is exactly what will happen if you die and do not have aLiving Trust in place.
2. Avoiding Estate Taxes: You can set up certain trusts to avoid estate taxes at the time of death.
3. Confidentiality: When you die and have no will or trust in place. your estate will go into probate. In probate your assets are public record for everyone to see what you owned. If you are like me I do not want any lawyers knowing what I own.
4. Conservatorship: With a Living Trust you can name who you want to take care of you when you become incapacitated. Without one the courts will appoint one for you.
5. No recordkeeping: Some people think it takes a lot of time to maintain a Living Trust. Once you transfer your assets into one that is it. You do not have to do anything more.
Here a few reasons why you need to set up a Living Trust today. You owe it to yourself and and your love ones.