One of the key components of a financial plan is estate planning, and a living trust plays a big role in your estate plan. In fact, it’s not just a tool for the wealthy and there are some major benefits and reasons why everyone should have one. It really comes down to three things:
- Time
- Money
- Privacy
If you are accumulating money, a living trust ensures that your affairs are kept private and out of court. It is way more efficient and costs a lot less money. There’s no court fees or probate that will cost your family valuable time and money. When you put together a living trust, an attorney will also discuss power of attorney, medical directives, guardianship of your kids, etc. All things that will help you and your family settle your estate and take care of your medical needs in the case that you might not be able to. Remember, a living trust is not just for the wealthy, but for anyone who has assets and/or family.
