Many people believe that estate planning is for a certain segment of society that is considered affluent upper class. However, this is not true at all. The truth is that whether you are rich or poor, young or old, it is very important that you meet with a qualified estate planning attorney so that you can fix things if something goes wrong.
Estate planning is all about protecting your loved ones, which means in part giving them protection from the Internal Revenue Service.
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The characteristics of a living trust
A living trust is a legal document that you can create with the help of your attorney. In a trust deed, you designate one or more trustees and their respective beneficiaries.
Usually, with a living trust, you are the beneficiary and the trustee. However, some individuals prefer to appoint another individual or entity as a trustee, but the choice is yours.
Benefit from living trust
Living trusts are a very useful and inexpensive way to pass property from one generation to the next. A revocable living trust gives you flexibility and allows you to stay in control of your wealth. There are also other benefits, such as:
Avoiding Endorsements: Avoiding probate fees and delays is the most significant benefit offered by living trusts.
Confidentiality: In most cases, a trust is a private document and cannot be viewed by the public. Because trusts can protect your property from the prying eyes of creditors, beneficiaries, or even the press, many people choose living trusts for their estate planning.