When you are determining how to leave money and property to your loved ones, you should strongly consider talking with living trust attorneys. A living trust attorney can provide you with help determining if creating a revocable living trust is the best choice for you to provide for your loved ones.
Living trusts have many benefits, and many of the advantages of a living trust accrue to your loved ones. In other words, your heirs or beneficiaries may be much better off if you have created a trust.
To find out whether your family could benefit from the trust creation process, you can reach out to experienced living trust attorneys at Nirenstein, Horowitz & Associates. You can also read on to learn about some of the key reasons your heirs would likely prefer to inherit through a living trust.
Why Would Your Heirs Or Beneficiaries Prefer to Inherit Through a Living Trust?
A living trust allows assets to pass through the trust administration process instead of the probate process. It is this feature of a revocable living trust that provides many of the benefits to heirs or beneficiaries. For example, your heirs or beneficiaries may prefer to inherit through a living trust because:
- They can keep more of their inheritance: The probate process tends to be an expensive one, with Investopedia estimating the costs of probate at around three to seven percent of the value of the estate. The more money that goes to cover probate costs, the less money your heirs or beneficiaries will end up with. The trust administration process is typically much cheaper, so your heirs can be left with more funds if you make a trust so assets can pass outside of probate.
- They can receive their inheritance much more quickly: The probate process is also a very long process. In fact, typically it takes around a year for the process to be completed. If there are problems or the estate is complicated, it could take even longer. This is a long time for heirs or beneficiaries to wait and put their lives on hold as they expect an inheritance they haven’t yet received. The trust administration process can be a way quicker way to transfer wealth.
- They will have much more privacy when it comes to their inheritance: The probate process can become court record and public record. Many people don’t want details about their inheritance and family relationships to be widely known. Since the trust administration process doesn’t necessitate going to court unless problems arise, the transfer of assets and the inheritance can be kept private.
- There is a reduced chance that they won’t get their inheritance due to a successful contest: If you make a last will and testament, it could be contested in court. Your wishes might not be respected and your chosen heirs or beneficiaries might not end up inheriting. While a revocable living trust can still be contested just as a last will and testament can, it is far less likely the contest will be successful because of your ongoing involvement with the trust during your life.
There may also be other reasons specific to your situation why your heirs or beneficiaries may prefer to inherit assets held in a living trust and passed through the trust administration process in comparison to assets that pass through the probate process in accordance with intestacy law or in accordance with your wishes in a last will and testament.
To ensure your loved ones are provided for in the best way possible, it is a good idea for you to talk with living trust attorneys to determine if a trust is a good tool for you to use.
Getting Help From Living Trust Attorneys
Living trust attorneys at Nirenstein, Horowitz & Associates will provide personalized one-on-one advice about all aspects of the trust creation process, about the advantages and disadvantages of living trusts, and about how you can create a living trust to provide for and protect your heirs or beneficiaries.
To find out more about how our firm can help you to protect your legacy by providing for your family in the best way possible, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online at any time.