ALTA Estate Services, LLC
Estate Planning Article Post
May 23, 2022
You’ve worked super hard throughout your life, saved and planned for retirement, and now you’re ready to enjoy your golden years. But what happens if something strange happens to you and you can’t manage your affairs anymore? Without a family living trust in place, everything you’ve worked for could be lost in days. The court system can be steady, costly, and unpredictable – not the best way to leave your loved ones. A family living trust is a perfect solution. It enables you to maintain complete control of your finances and assets while still providing peace of mind for yourself and your loved ones. This blog will take you through all the benefits of a family living trust.
1. Helps Avoid Probate
Probate is the legal paperwork for distributing an individual’s assets after they die. If you pass away without setting up a will or other estate planning documents in place, your assets will go through probate. This can be a long and expensive process, and it can also be a very public one. All of the details of your estate will become a matter of public record. If you want to keep your affairs private, then avoiding probate is a good idea. A family living trust is one way to avoid probate. You can transfer ownership of your assets to your trustee with a trust. Then, after your death, the trustee can distribute those assets according to your instructions. Because the assets are never technically owned by you, they don’t have to go through probate. This can be an effective way to keep your family’s finances private. It can also save your loved ones a lot of time and money.
2. Saves Money
One of the top benefits of a family living trust is that it saves money by avoiding probate expenses. If you pass away without setting up a will or trust, your assets will go through probate, and your loved ones will have to pay court and attorney fees. This can be a costly and time-consuming process. However, if you have a living trust, your assets can easily be distributed without going through probate. This can save your family a significant amount of money and stress.
3. Gives Control
Another benefit of a family living trust is that it gives you control over how your assets are distributed after you die. You can decide who gets what, when they get it, and for what purpose. This can be especially helpful if you have young children or grandchildren.
4. Peace Of Mind
Any family can benefit from having a living trust, but a living trust provides an extra layer of security for families with young children. One of the top benefits of a family living trust is providing peace of mind. If something happens to the parents, the trustees (usually grandparents or other close relatives) can step in and make sure that the children are taken care of financially.
A family trust can provide many benefits for you and your loved ones. If you want to make sure that your estate is distributed as you desire, contact us today to learn more about setting up a family trust. We would be happy to answer any questions you have and help get this important process started.
For more information on your estate planning strategy and a Free Consultation, please contact Mark Fishbein by clicking the button below, or by calling (520) 797-1400.
Feel free to call ALTA Estate Services, LLC office at (520) 797-1400 to learn more about Asset Protection Planning in Arizona, proper and complete estate planning, including the Emergency Telephone Hotline Program afforded to you and your family members at no charge during times of crisis and the other benefits of estate planning described above. Mark Fishbein, Tucson AZ.
The text above is for general informational purposes only, and should not be considered as legal advice.