Pros and Cons of a Living Trust
Posted by: albright on Fri, Feb 26, 2021Share this post
There are several pros and cons of a living trust regarding creating one’s final will. However, there are also some cons as well. Here are a few to consider.
One of the most important pros is that you can change your mind if you so desire. This is important if the person you are creating the trust with is not what you expected. In this case, you are protecting yourself by ensuring that the person cannot change the document in any way. If you wish to undo the changes, you must do this yourself or by other means, such as with an estate lawyer or a financial planner. When you make these changes, the trust itself will not be affected.
Another pro is that you can add another person to the trust. You can have one person initial your faith while another person holds the rest of the details. This gives you a little bit more safety.
A living trust can be straightforward. It can outline specific instructions on how the property and funds it contains will be transferred during your lifetime. This can include instructions for who will get the money regularly, who will get it upon your death, and who will maintain the property. This can be very helpful for your children and beneficiaries. You can also specify the time limits for who can make modifications to the living trust. This can give you peace of mind, especially if you plan to use the trust for your family’s benefit.
Another pro to a living trust is that it doesn’t complicate matters if one of the adults dies. Once the person no longer needs the property, it simply goes to the other survivors. For example, if your spouse dies, the living trust could be used to hold money that would otherwise go to probate. This also prevents situations where one of the adults needs to borrow money to cover outstanding debts.
One con to a living trust is that you have to be truly prepared to handle the estate plan. You need to know how to handle the minor issues associated with it. For example, there may be asset protection issues that must be addressed. At the very least, you should obtain a lawyer to make sure that everything is done legally. There are some tax implications associated with a living trust as well.
Another issue to consider is who will receive the property after you die. If you don’t have a will, you will need to determine who will inherit your properties. Will they be entitled to inherit immediately, or will they need to wait until you die? Will their inheritance be tax-free?
These are only a few of the issues you should consider before deciding whether to establish a living trust. Selecting one doesn’t have to be complicated. If you follow the proper steps, it can be very beneficial to your family and loved ones. Once you’re sure you’ve done your research and are prepared to proceed, you’ll have an opportunity to enjoy the peace of mind that comes from knowing your affairs are in good hands.
One of the most common reasons people set up a living trust is to avoid probate. Probate requires that inheritance property is distributed according to whatever laws may apply to that property. If you can set up a living trust without having to go through probate, this is possible. Las Vegas Estate planning attorneys can be a huge help. This could also increase the amount of wealth available to your family. Trust attorneys in Las Vegas NV can be a huge help to you, so get the help of a Las Vegas trusts attorney today.
What if you want to create a living trust?
If you want to create a living trust, now is a great time to do that. There are many opportunities to do so with Las Vegas living trust attorneys. These living trust attorneys in Las Vegas have great ways to discuss your needs when it comes to creating a living trust. If you are looking to create a living trust, contact LV estate planning lawyers today. Contact Albright Stoddard Warnick & Albright today!