After you pass away, you may still want to have some level of control over your finances so that you know that your family is protected as well as financially stable. A leading estate planning document for accomplishing this goal is a living trust. There are many different benefits of using a living trust, but the first is that it allows a great deal of flexibility and control.
In a revocable living trust, you can also appoint yourself as the primary trustee while you’re still alive. This means you can make changes to or revoke the trust entirely, a level of flexibility that is not afforded with an irrevocable living trust. A revocable living trust also allows you to appoint someone else after you have passed away to handle the responsibility of administering these assets. Some of the other benefits of using a living trust include:
- Appointing someone responsible to manage your property, assets and money.
- Avoiding the probate process and keeping these matters private.
- Allowing this property to transfer more quickly so that your family has the ability to pay for critical expenses, like outstanding debts, mortgage payments and medical expenses.
You always want to know when selecting any estate planning tool that it’s the right one for your needs.
For more information about how to use a living trust and how to get started with creating one today, contact an estate planning lawyer for more details. Our NH and Maine estate planners can walk you through what to know when thinking about using a living trust.