Have you ever heard about how a living trust can help you to accomplish your estate planning goals? Many people know that trusts are one type of tool that could be incorporated into your overall estate planning but with so many different types of trusts out there, and especially in what seems to be a regularly shifting environment surrounding the estate planning taxes, it might be hard to figure out which of these tools, if any, is most appropriate for you.
Of course, a sit-down consultation with an experienced estate planning lawyer is one of the most effective ways for someone who is thinking about incorporating a trust to ensure that any existing documents they have are updated to reflect their individual concerns, while also developing new tools and strategies as necessary. A living trust can be part of your retirement and estate planning.
It is important to think beyond just a simple estate planning process but also about the impacts that you plan can have in the future. For those seniors who have a surviving spouse, a family to support after they pass on, and significant assets, a will in and of itself is often not enough of an ideal document. Building a living trust is a critical structure to help you accomplish these additional goals. Your living trust might also be referred to as a revocable trust because it can be changed or dissolved based on the wishes of the person who establishes it.
The great thing about a living trust is that it helps serve as a bridge across the challenging process known as probate. Whereas in the probate process, your entire estate will fall into the temporary court possession, your living trust is a container that smoothly transitions your asset possession from court to the successor trustee. Your experienced state planning attorney is a valuable asset to help navigate this transition by pulling together the key documents and tools that you need. Consult with a knowledgeable estate planning attorney today about how to use a living trust.