Why is a Living Trust Preferred over a Will?
- A professionally drafted and properly funded revocable living trust avoids probate at death.A Will must go through the probate process so assets can be verified and distributed by the probate court. By avoiding probate with a customized estate plan, you and your loved ones will prevent tedious, stressful and expensive delays while protecting your assets, privacy and peace of mind.
- A professionally drafted and officially funded living trust avoids probate court disruptions if you lose your mental capacity. To have your personal care and assets managed privately by people you choose and trust, instead of being placed in a court appointed guardian requires a professionally executed and properly funded Estate Plan. A Will does not help in a loss of capacity situation because a Will becomes effective only at death.
- A Living Trust and Estate Plan puts all your assets together under a complete plan with one set of clear directions for how you want things to occur.This provides you with the ability to easily disburse your assets fairly and exactly as you desire. This avoids the need to balance inheritance with other account beneficiary designations or joint ownership because of fluctuating values of investment accounts, life insurance or the purchase and sale of real-estate during your life time.
- A professionally drafted and properly funded living trust provides you with more privacy and greater protections against your assets being contested. A trust is a private document that you share with those you choose and trust. Probate on the other hand is a public process which requires notice to be given to certain relatives and possible heirs. The probate process allows others to file claims to contest your Will and allows others to see your financial information.