The Benefits of a Living Trust: Why You Should Consider One

 Posted on May 04, 2023 in Estate Planning

If you're like most people, you want to ensure that your assets and property are protected for the future. One way to do that is by creating a living trust. According to a recent survey by Caring.com, only 42% of U.S. adults have estate planning documents, such as a living trust or a will.

At Lucas Law, we understand the importance of estate planning and can help you determine whether a living trust is right for you.

Avoiding Probate: A Key Benefit of a Living Trust

One of the biggest advantages of a living trust is that it allows you to avoid the probate process. Probate is the court-supervised process of distributing a person's assets after they die. This can be a lengthy and expensive process, often taking months or even years to complete. By creating a living trust, you can transfer your assets and property to a trustee, who can manage them for your benefit during your lifetime and distribute them according to your wishes after you die. This can save time and money, as well as ensure that your assets are distributed according to your wishes.

Maintaining Privacy: Keeping Your Personal Information Confidential

Another advantage of a living trust is that it is a private document. Unlike a will, which is a public document, a living trust allows you to keep your personal information and assets confidential. This can be especially important if you have sensitive or private information that you do not want to be disclosed to the public.

Providing for Your Loved Ones: Ensuring Your Assets Are Distributed As You Intend

With a living trust, you can specify how your assets will be distributed after your death. This can include providing for your spouse, children, or other loved ones. By creating a living trust, you can ensure that your assets are distributed according to your wishes and that your loved ones are provided for after you're gone.

Protecting Your Assets: Managing Your Assets During Incapacity

A living trust can also provide protection for your assets. For example, if you become incapacitated, your trustee can manage your assets for your benefit. This can help ensure that your assets are not wasted or misused.

Working With a Living Trust Lawyer: Getting the Assistance You Need

At Lucas Law, our experienced living trust lawyers can help you create a living trust that meets your specific needs. Our team of compassionate attorneys will take the time to understand your unique situation and provide you with the guidance you need to make informed decisions.

Contact a Barrington, IL Living Trust Lawyer

Lucas Law has extensive experience assisting clients in carrying out wills and living trusts in accordance with Illinois law. Contact our Barrington, IL living trust lawyer today. We serve clients in Barrington, IL, as well as Palatine, Cary, and Lake Zurich. Our Barrington estate planning attorneys will work hard to ensure that your will is valid and enforceable. For a consultation, please contact 847-381-8700.

Source: https://www.caring.com/caregivers/estate-planning/wills-survey/2020-survey/