When you begin considering all the estate planning options available these days, it can seem overwhelming. It may even keep you from creating a plan at all.
This is a response that many people have, and it can prevent them from taking important steps toward protecting their estate and securing their legacy once they are gone. For those who have difficulty deciding which estate planning tools to use to address their needs, it is always wise to consider a living trust.
Living trusts are balanced well between offering protections against litigation and other drains on an estate. They also provide flexibility to the creator of the trust if their preferences change.
Traditionally, establishing a trust requires the trust creator to choose the terms of trust very carefully while creating it. Once established, some types of trusts can be very difficult, if not impossible, to alter.
In contrast, living trusts offer some “wiggle room” to those who use them. A person can use a living trust to protect assets from probate or to ensure that their heirs and beneficiaries receive bequests quickly. The terms of a living trust can change easily if the creator of the trust wishes. In fact, a living trust may even dissolve entirely if that is what its creator wants.
As you research your own estate planning opportunities, take time to understand the options that you have to ensure that you receive all the protection and benefits that fit your needs. This may mean that a living trust is a good fit for you, or may lead to a different type of estate plan entirely. However you choose to protect your rights and preferences, do not put off this important step towards establishing your legacy and keeping it secure for years to come.