Legacy Assurance Plan Of America - Living Trusts | A Look at the Positives and Negatives

1. Legacy Assurance Plan Of America - Living Trusts | A Look at the Positives and Negatives

2. Legacy Assurance Plan Of America - Living Trusts | A Look at the Positives and Negatives In any decision in life, each option carries with it certain benefits and certain disadvantages. Estate planning works like this. There several options for planning your estate. One avenue – the use of a revocable living trust – has some clear potential benefits. It also, like anything else, has possible drawbacks. Legacy Assurance Plan Of America

3. Legacy Assurance Plan Of America - Living Trusts | A Look at the Positives and Negatives The key to making a wise decision is looking at those “plusses” and “minuses” and matching them to your needs. Find a choice that contains the largest number of the things you greatly desire or demand, while also containing the fewest negatives that are “dealbreakers” for you and you have likely found a good option. Legacy Assurance Plan Of America

4. Legacy Assurance Plan Of America - Living Trusts | A Look at the Positives and Negatives A properly drafted, executed and funded living trust will allow you to avoid probate administration. This can be a big benefit to you and your family because probate administration can be costly, stressful and time-consuming. If helping your family to avoid these costs and delays after your death is important to you, then a living trust may help. Legacy Assurance Plan Of America

5. Legacy Assurance Plan Of America - Living Trusts | A Look at the Positives and Negatives Another potential advantage is privacy. Probate administration is, in most situations, a matter of public record. Settling a trust upon the creator’s death generally is not a process that is public record. If you go through probate, the contents of your estate are generally available to be viewed by anyone who goes to the court clerk and requests your file. For some people, this may not be important to them. Legacy Assurance Plan Of America

6. Legacy Assurance Plan Of America - Living Trusts | A Look at the Positives and Negatives A living trust can be helpful to you if become mentally incapacitated. If that happens and you have a properly established and funded living trust, the management of your wealth generally will transition seamlessly from you to the successor trustee your named in the trust document. If you don’t care about who manages your wealth when you cannot (and do not care if your family has to go to court to get a court-appointed conservator to manage your assets,) then this may not be a big benefit Legacy Assurance Plan Of America

7. Legacy Assurance Plan Of America - Living Trusts | A Look at the Positives and Negatives As with anything, there are possible drawbacks. A living trust often costs more to set up initially. A living trust can also take more time to set up when you factor in trust funding. For a few people, this greater up-front expense or time commitment potentially could make this option impossible, However, for a lot people, this investment of time and up-front money has the potential to save them and their loved ones much greater amounts of time and money down the road. Legacy Assurance Plan Of America

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