A Burlington living trust can be a valuable legal tool to help you protect your assets and provide an inheritance for loved ones in a timely manner. While there are some limitations on what a living trust can do – it will not protect you from estate tax, for example – a living trust still has many significant advantages.
Unsworth LaPlante, PLLC can help you to determine if you should create a living trust and can guide you through the process of trust creation. Our experienced attorneys have extensive knowledgeable about all different types of trusts and we will ensure you make a legally valid trust that provides all of the advantages and protections you are looking for. Give us a call to get started.
Four Key Reasons to Create a Living Trust
There are many reasons why you may want to create a living trust. Four of the key reasons why creating this type of trust may be beneficial for you include the following:
- The living trust will protect trust assets in case of incapacity:
A living trust will help to ensure that your assets are appropriately managed in case you become incapacitated. You can name a backup trustee who has control over managing your assets so that backup trustee can immediately take over in case something happens to you. This is important because without an incapacity plan, the court could be forced to appoint someone to manage your wealth- and that person may not be someone you’d trust to take control.
- The living trust can allow you flexibility over assets:
When you create a living trust, you are able to remain in control of the assets that are held within the trust throughout your lifetime. You can name yourself as the trustee or you can be co-trustees with your spouse. You do not have to give up substantial control over your assets, as you do when you create certain other types of trusts like irrevocable trusts designed to protect assets from creditors. You can also modify the trust at any time when you create a living trust. The fact that you retain substantial control does mean your trust assets aren’t as protected as with a irrevocable trust. But, the benefit of the flexibility that a living trust provides can be important.
- The living trust can allow assets to transfer outside of the probate process:
The probate process takes a long time and is costly. If your heirs or beneficiaries need an inheritance quickly after your death because they’re counting on the money, the lengthy probate process can be a problem. This process can be avoided if you create a living trust because the assets held within the trust will transfer through the trust administration process. This process is a lot quicker, doesn’t involve the courts unless there is a problem, and is a lot more private.
- The living trust can help you to reduce the chances your wishes for your assets will not be respected after you pass away:
When you leave your money to loved ones in a last will and testament, there is a greater risk that someone will successfully contest the will than if you use a living trust to determine what happens to assets after you pass away. Since you create and manage the living trust during your lifetime and the trust often exists for many years, it is much harder for anyone to argue after your death that the trust is not a true reflection of your wishes.
Unsworth LaPlante, PLLC will also help you to understand other advantages that the creation of a living trust could have for your personal situation and will guide you through the trust creation process.
Getting Help from A Burlington Living Trust Attorney
When you create a living trust, you want the trust to be legally valid and you want to ensure that you have followed all Vermont requirements for trust creation. You also want to ensure that the trust you create will provide the protections that you anticipate for you and your loved ones, which means you need to select the right kind of trust.
Unsworth LaPlante, PLLC can help with these issues and with many other legal matters related to trust creation, asset protection, estate planning and more. To find out how trusts can work as part of a comprehensive estate plan, download our free estate planning worksheet. You can also give us a call at (802) 879-7133 or contact us online for personalized assistance. Give us a call today to get started.