It is important that we all plan for the future. Creating goals and talking about dreams can be an exciting time, especially when you share those plans with friends and family. There are many ways that an effective estate plan can help you achieve these goals for yourself and your loved ones. One great tool is a living trust.
With a living trust, you designate certain assets to be assigned or transferred into the trust, and then those assets in the trust are administered pursuant to your preferences during your life. You may continue to use the assets placed inside the living trust during your life, such as real estate, artwork, bank accounts, or vehicles. When you pass away, the assets contained in the trust will be distributed according to your wishes to the individuals you designate as the beneficiaries of the trust.
There are some important benefits to using a living trust. One benefit is that you maintain control over those assets. A living trust is revocable, meaning you can dissolve the trust or change it whenever you wish during your lifetime as long as you remain legally competent to handle your own affairs. You can also add or remove assets to or from the trust or change its beneficiaries. You can provide certain timelines for when a beneficiary may receive a distribution. Another advantage is that a living trust can be used to help manage your assets if you become incapacitated. If you have already established a living trust established and you have named a successor trustee who takes over the trustee’s responsibilities if you become incapacitated or disabled, that trustee will be able to metaphorically step into your shoes and have your instructions on how you want your assets to be handled. The assets contained in a living trust also pass outside of probate, which could save your heirs a long probate court process.
Estate planning is an important step in protecting your future and that of your loved ones, no matter your stage of life. A living trust can be a very advantageous part of that process. Contact us today at 720-420-1777 for an appointment to talk about what tools we have to help you protect your future