Reasons Why You Should Consider a Living Trust
Trusts can be an extremely important feature in an estate plan, but they are not magical – they cannot do anything and everything imaginable. There are various types of trusts, but one that many people have heard of but unaware of their features is that of a living trust. A living trust is one that you make while you are still alive and can be either revocable or irrevocable. Depending on the language of the trust document, here are a few things that a living trust can do for you:
- Reduce your estate tax
- Protect minor children
- Save your adult children from themselves
- Keep your assets in the family
- Take the sting out of the fling (in case you fear a tryst by a family member may put your assets in danger)
- Avoid probate
- Ensure your family’s privacy
- Protect yourself while you are alive
See Christine Fletcher, 9 Reasons Why You Should Consider a Living Trust, Forbes, August 16, 2018.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.