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Avoiding issues with one's estate by establishing a living trust

When it comes to estate planning in Boca Raton, people often think that it begins and ends with the drafting of a last will and testament. What’s overlooked is that if one’s will is sent to probate court, a sizeable portion of its assets can be eaten away to cover court expenses. To avoid this process, many are now looking to establish a living trust. This allows one avoid probate, as well reduce the risk of his or her estate being subject to tax, and to set up a long-term plan for his or her asset management.

Should one choose to set up such a plan, he or she can choose to create either a revocable or irrevocable trust. The name pretty much implies each plan’s intent. Should the trustee of a revocable trust so choose, he or she can revoke the benefits and restructure the trust without the consent of the beneficiary. An irrevocable trust doesn’t allow one such a privilege.

Another of the benefits associated with a living trust is an incapacity clause. Should one become incapacitated and unable to make decisions or care for himself of herself, he or she risks putting that control into someone’s hands that he or she wouldn’t want handling such affairs. One can choose to specify who has control over his or her assets and power to make decisions on his or her behalf by naming that party in the incapacity clause in a living trust.

Setting up a living trust needn’t be an overly-complicated process, yet it helps to have the guidance of one who understands how these agreements are structured. An estate planning attorney may prove to be a good resource for such information.

Source: CNBC.com “Why everyone needs a living revocable trust” Sakina Spruell, Sep. 27, 2013

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