If the trust is irrevocable, or you pass away, the designated trustee manages and distributes assets according to your wishes. This distribution can occur without intervention from a probate court, which is why living trusts can be more advantageous than wills. Avoiding probate means your beneficiaries will receive your assets much more quickly and without additional probate expenses. It will also prevent your private matters from becoming publicized through the probate court system.
Most assets and property can be placed in a living trust except for certain ones, such as life insurance and specific retirement accounts. Per the instructions in the trust, property and assets can be distributed immediately, or the distribution can be scheduled for specific dates, such as birthdays. Should any of your family or beneficiaries contest how the assets are distributed, a living trust is also more likely to be enforceable as opposed to a simple will.
If you become ill or incapacitated, your trustee can also handle your affairs through a durable power of attorney, including an advance healthcare directive that advises your trustee on what kinds of medical care or interventions you do or do not wish to have administered.
A living trust has other benefits, such as allowing you to provide for your spouse, children, and grandchildren while protecting all inheritances from the courts and creditors.
For help protecting your family with a living trust, contact our Bowie living trust lawyers online or at (301) 900-5940 today.
