Living trust attorneys provide advice on estate plans that help you protect your assets and provide for your family members. Many different legal tools are used in estate planning to easily and effectively pass on assets to loved ones or causes you support. One commonly used tool is a living trust.
A living trust can accomplish many of your estate planning goals. It can be especially important if you are the family breadwinner and your loved ones will need the inheritance you leave them.
Why A Living Trust Is Key If You Are A Family Breadwinner
If you are the family breadwinner and something happens to you, your loved ones will lose the income you were earning. If you do not want their quality of life to suffer because of the loss of the money you were bringing into the family budget, you may want to provide an inheritance for them to help meet their financial needs.
A living trust can help protect your wealth so you can provide the inheritance your loved ones need to maintain their quality of life. If you have a living trust and become incapacitated, the backup trustee you name can immediately assume management of your assets so there isn’t a period of uncertainty during which the value of your estate might go down. Your loved ones will avoid costly and stressful guardianship proceedings, and you won’t have to worry about a person being appointed as your guardian who doesn’t know how to manage your wealth.
A living trust ensures that the assets your family needs can easily and quickly be transferred to them. According to Investopedia, probate usually takes around a year or longer. If your loved ones need access to their inheritance sooner so they can pay bills and maintain their standard of living, the delay in a probate could lead to financial hardship.
With a living trust, your assets are transferred through a trust administration process, which is much faster than probate, so your family members are not left struggling to get by until the probate is completed.
These are just a few reasons why you might want to have a living trust, and Parman & Easterday can help you decide whether a trust makes sense for your own financial and family situation.
Getting Help from Living Trust Attorneys
If after you are gone your loved ones will need what you leave them to maintain their quality of life, you should take steps now to protect your assets against that time when you become disabled or die. This will ensure the timely transfer of assets to your family members and avoid a time-consuming probate and the risk of financial hardship while they wait to receive their inheritance.
Living trust attorneys at Parman & Easterday can help you decide if a living trust is right for you. If a living trust is appropriate for your situation, we can help you create a legally valid trust that provides the protections you and your family deserve. To find out how our firm can help you, join us for a free seminar. You can also call today at (405) 843-6100 or contact us online at any time to have a compassionate and knowledgeable attorney help plan for your future.
- Own Property Out of State? You Need a Living Trust - October 21, 2021
- Three Misconceptions That Lead to Estate Plan Mistakes - October 19, 2021
- Your Original Estate Plan May Not Be the Final Version - October 14, 2021