A Burlington living trust lawyer can provide help with the creation of a living trust, or a revocable living trust as it is also called. A living trust is a powerful and versatile legal tool that can offer important protection for your assets and for your heirs or beneficiaries. However, a living trust is not right for everyone so you need to know what this kind of trust does to decide if you should create one.
Many people believe that creating a living trust, or creating any type of trust, is something that is only done by people who are very wealthy. This is not true, and you should not miss out on the opportunity to create a living trust simply because you believe this misconception. To determine if you should create a trust in order to protect your family and wealth, you should contact a Burlington living trust lawyer at Unsworth LaPlante, PLLC to get personalized advice. If trust creation is not the right approach for your asset protection and estate planning process, we can help you to explore the other tools that you should use. Give us a call today to get started.
Why You Don’t Need to be Rich to Create a Living Trust
There are many reasons to create a living trust and being very wealthy is not an important one. In fact, many very wealthy people who are looking to avoid estate tax will actually need to create other types of trusts, since a living trust does not allow the trust assets to pass to heirs or beneficiaries tax free.
Two of the key reasons to create a living trust – the ability to transfer trust assets to heirs or beneficiaries quickly and the ability to protect trust assets in case of incapacity – can actually be very important even if you don’t have substantial wealth.
When you create a living trust and transfer assets into it, you can name yourself as the trustee and can maintain in control of the assets while you’re still healthy. However, you can also name a backup trustee so if you become incapacitated because of illness or because of injury, the backup trustee can take over management of trust assets immediately. This is a major benefit because it allows your family to avoid guardianship proceedings, which can be painful and which can be costly. Your assets can be better protected by the creation of a living trust and the naming of a backup trustee you can count on, since there won’t be a delay in determining who manages assets and the court won’t just appoint someone who may be the wrong person to manage your wealth.
The fact that you can transfer assets more quickly through the trust administration process than through the probate process is another key reason why creating a living trust can make a lot of sense for you, even if you aren’t very rich. Your heirs or beneficiaries may be counting on an inheritance to provide for them, especially if you were a primary breadwinner for the family and your death caused a big loss of household income. The probate process can take months and your heirs or beneficiaries will not have the full and complete access they need to an inheritance during that time. The probate process can be avoided and the trust administration process – which is much faster – can be used to transfer trust assets if you have created a living trust.
Both transferring assets quickly and protecting assets in case of incapacity are important to people with any assets, not just to people with a huge amount of money and property. This is why people at all different income levels with all different net worths can benefit from the creation of a living trust. While it is true there are some expenses associated with living trust creation, it is often worth incurring those expenditures to get all of the benefits that a living trust provides.
Getting Help from A Burlington Living Trust Lawyer
Unsworth LaPlante, PLLC will help you to determine if making a revocable living trust makes good sense in your situation or not. Our legal team can also provide you with comprehensive guidance on the pros and cons of all of the different estate planning tools that you could potentially use so you can make the smartest possible choices on what to do with your money and property.
To find out more about the help that a Burlington living trust lawyer at our firm can offer, join us for a free seminar. You can also give us a call at (802) 879-7133 or contact us online to get personalized advice with all of your trust and estate planning needs.