Are you considering establishing a living trust in Airway Heights, Washington? As you proceed with your estate planning, it’s important to realize that a living trust is different from a last will. Wills dictate the distribution of your assets after your death, while a living trust actually takes affect during your lifetime. If you become ill, incapacitated, or pass away, the control of your trust is transferred to your successor trustee. There are many benefits to creating a living trust, but it’s important to speak with a lawyer before making your decision. Keep the following benefits in mind as you make plans in Airway Heights.
1. You Can Avoid the Wait of Probate
Wills and trusts work differently. One big difference is that a living trust is not subject to the probate process. This means that your assets can be distributed faster. A will can take months or years to process, but a living trust allows assets to be transferred within weeks.
2. You May Save Money
Writing a will is less expensive and not as time consuming, but probate can be extremely expensive. Because a living trust diminishes the need for probate, it may mean more of your assets are distributed to your loved ones. Talk to your estate lawyer to receive a better breakdown regarding you specific financial situation.
3. You Will Have More Privacy
Unlike wills, a living trust allows for a certain level of privacy. This document will not be made public after your death, which is certainly important to some individuals. Living trusts are also ideal for people who are leaving assets in multiple states, planning for children, and establishing health care directives.
Interested in Establishing a Living Trust in Airway Heights?
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