As people get older, it is natural to start thinking about what is going to happen to our belongings and families when we are no longer around. Some words come to mind that we never spent much time thinking much about in the past: estate planning. It might be time to decide what you want to do with your Palm Beach, Florida, estate and then take action to create an plan to make sure your wishes are carried out.
When you are doing your estate planning, you may want to consider a living trust. A living trust is a trust that is revocable, meaning it can be changed while you are still alive. Having a living trust provides some special securities to you and your heirs. First, it is private and will not become a public record. Wills, on the other hand, can be public records.
Second, a trust can help to ensure that your property and assets in the trust will not have to go through probate upon your death. Your heirs can take possession much sooner and eliminate costly probate fees. If you own property that is not in a trust, it may end up in probate to be reviewed by whatever state it is located in. Multiple properties in different states could become very complex, tying up your property for long periods of time.
Third, a trust could save you money on taxes, both federal and state, if it is written correctly. Finally, the biggest advantage to a living trust is that you can make modifications to it, possibly giving some inheritance to your heirs before your death. You do not lose control of managing your wealth or fortune unless you desire it.
Trust planning doesn’t have to complicated. Estate planning attorneys can explain the different options. For instance, they can explain the difference between a revocable trust and an irrevocable trust. Estate planners can even help their clients set up multiple trusts if necessary.
Source: abclocal.go.com, “5 reasons you need a living trust” Don Robinson, Jan. 21, 2014