There are two significant benefits that living trusts provide that get a lot of attention. One of them is the fact that you can include spendthrift protections for a beneficiary that is not ready to handle a significant inheritance.
The trust would become irrevocable after your death, and the beneficiary would not be able to reach the principal. This would also apply to their creditors, so there is asset protection, and you don’t have to provide a lump sum distribution all at once.
Another advantage that is often emphasized is the streamlined and efficient estate administration. There is consolidation of asset ownership, the distributions are not subject to probate, which is a time-consuming and public legal process.
In this post, we are going to share some other reasons why living trusts are so popular among people that have researched their options thoroughly.
Ideal Solution for Some Married Couples
If you are married and you and your spouse are joint owners of most of your property, you may want to establish a shared living trust. Each of you would be co-trustees, and the surviving spouse would become the only trustee, so there would still be an estate plan in place.
Separately owned property can be conveyed into the trust as well, and different beneficiaries can be named. The surviving spouse would not be able to alter the terms that apply to their spouse’s separate property.
Incapacity Protection
As estate planning and elder law attorneys, we have to confront difficult realities, and incapacity is one of them. Over 30 percent of the oldest old have contracted Alzheimer’s disease, and this is not the only cause of dementia.
In addition to cognitive impairment, elders sometimes become unable to manage their financial affairs when they are struggling with devastating illnesses.
With this in mind, you can designate a disability trustee in the trust declaration. This individual or entity would manage the trust in the event of your incapacity.
The successor trustee that will act as the trustee after your death can assume both roles, but this is not required. If you want to name someone else to serve as the disability trustee, you can do so.
Flexible Terms
This is a revocable trust, so you can change your mind, dissolve the trust, and take back direct personal possession of the property at any time. Plus, you can alter the terms of the trust without actually revoking it through the utilization of an amendment.
A trust restatement can be used if you want to make significant changes, and you may want to restate the trust if you have amended it multiple times for efficiency’s sake.
Turnkey Solution
There is one loose end that may cross your mind when you are putting a plan in place. What happens to assets that may remain in your direct personal possession at the time of your passing?
This is a good question, and if you did nothing, it would be subject to the full probate process. However, you can account for this through the inclusion of a pour-over will.
If you die while you are still in possession of assets that were never conveyed into the trust, the will would facilitate the transfer of these assets into the trust. Court approval would be necessary, but this is a simple, straightforward matter.
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You can see the dates if you visit our seminar page, and when you identify the one that works for you, follow the instructions to register so we can reserve your seat.
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We are here to help if you are ready to work with a Glastonbury, CT or Westport, CT estate planning lawyer to put a plan in place. You can send us a message to request a consultation appointment, and we can be reached by phone at 860-548-1000.
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