If you didn’t already know that trusts help to provide you with additional privacy in the estate planning process, an estate planning attorney could tell you that these are some of the most valuable strategies available today.
Two major reasons for putting together a trust in 2019 have to do with the the goal of avoiding probate, and planning for incapacity.
First of all if you fund the trust over the course of your lifetime, you can effectively avoid probate. This means that your family is not responsible for going to court to probate your will after you pass away. This takes time and money and enables them to access your assets quickly.
The second major reason to consider putting together a trust in 2019 is planning for incapacity. While you are still alive, you are responsible for funding a trust. However, your successor trustee is able to access these assets for your benefit if you were to become incapacitated.
Who would manage your assets and pay your bills if you were suddenly placed in a long term care facility or the ICU? Talking to an estate planning lawyer about how to use these tools for the purpose of estate planning is important.