Do you have assets?
Do you want to protect those assets for your own lifetime and for the future of your loved ones?
If so, a living trust, also often called a family trust, may just be the thing for you.
Here are three big reasons a living trust is a great idea:
1. You have substantial assets and you want them protected.
Depending on the state you live in, the definition of "substantial assets" may differ. But if you have a net worth (including real, personal, monetary and stock property) in the six figures, you may want to consider creating a living trust to protect those assets.
2. You want to protect your assets from the rigors and costs of probate.
When you eventually pass away, if your estate is valuable enough, it will have to be probated by a court of competent jurisdiction in your state. This process is costly and lengthy, and can have results you never intended. A living trust protects your assets from the probate process and makes sure that your property is disposed of in a way you desire.
3. It protects your assets for your heirs.
You can protect your assets for your future heirs, most often your children, in the living trust. This will protect the assets you leave to your heirs from the uncertainties of life, such as a divorced spouse attempting to lay claim to assets from a previous marriage.
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