One of the most frequently asked questions when it comes to estate planning is the decision on whether you need a Last Will and Testament or a Trust.
The most common type of trust utilized when estate planning is a Revocable Living Trust. A Revocable Living Trust is a written legal document that places your asset into a trust that is controlled by you and that benefits you during your lifetime. At the time of your death, the funds in the trust are transferred to the people that you designate.
There are several reasons to choose a trust over a will. When you choose a living trust you are bypassing the probate process saving your beneficiaries the time it takes for a will to be validated as well as saving money from fees required for a will to go through probate. This means that when you choose a living trust you are helping your beneficiaries save both time and money.
A living trust is far more private than a last will and testament. When you choose a will, you are choosing to have your assets disclosed to the public upon your death as a will is a public record. When you choose a trust, you are getting a private account that will not be published upon your death.
A living trust also gives you more control over your assets in case you are unable to take care of your affairs towards the end of your life. A living trust allows you to designate someone to act on your behalf regarding your documents while a will requires a court-appointed individual to oversee all of your financial affairs.
While it is important to go over all of your options when planning out your estate, there are several benefits to choosing a living trust over a last will and testament. Kevin Watts is dedicated to working with you to find the best option for you and your loved ones.