While it’s important for everyone to have a will, many people are finding that supplementing their will with a living trust is beneficial. When you ask your wills and trust lawyers in Wellesley, MA, to help you create a trust, you’ll be adding an extra layer of protection for your loved ones. Here are a few reasons to have a living trust enacted on your behalf.
Protect Assets From Probate
After you die, the assets in your public estate will go into probate. This involves appraising and liquidating the assets named in your will to allow your debts and estate taxes to be paid. However, a living trust is a private document that automatically transfers ownership of assets to whoever you choose. This keeps those assets out of the probate process.
Protect Specific Assets
When valuable assets also hold sentimental value, you may want to ensure those items go to a specific loved one upon your death. For instance, a diamond engagement ring that has been passed down to the eldest daughter in the family from generation to generation may need to be kept in the family. By transferring ownership of the ring to your daughter upon your death, you won’t risk losing it in the probate process.
Prevent Losing Assets Through a Contested Will
When your loved ones contest your will, all of your public assets will be at risk. However, when your wills and trust lawyers in Wellesley, MA, draw up a living trust, you can protect your most valued assets from this type of legal proceedings. Even if family members contest your will, the assets named in your trust won’t be taken from the rightful beneficiaries.
We can help you meet all of your estate planning needs when you schedule a consultation.
