Most folks protect their family estate with a will. It’s quick and easy, and most of the time, you’re not thinking about the bad times in the future, or what life is like after you pass. You’re focused on enjoying life, your business, and your family. The problem? Wills ultimately lead to probate court, a process that takes months (sometimes years) to resolve. It’s also pricey, and can eat up nearly 5% of your estate.
Instead, if you want to plan ahead, choose a living trust:
- You don’t go to probate court. This means a faster distribution of assets to your heirs. You still get to hold onto your right to choose a guardian for your children, too.
- You’ll save money. First and foremost, your heirs won’t have to spend thousands of dollars in probate court (research has shown this often eats up nearly 5% of total estate value). Moreover, living trusts are more likely to hold up in court if someone comes forward and challenges the distribution of assets. It can also provide savings for married couples, through joint living trusts.
- Your privacy is protected. A will is public record, and all transactions are made public as well. A living trust is not made public, and your estate is distributed and handled privately.
Estate planning matters, and it’s a process best to handle when times are good, not when it’s needed most. A living trust is a (small) investment that can be made now to save your family time, money, and energy when they need it most.
Give us a call at 855.527.3366, and ask us about more differences between wills and living trusts.