Are Living Trusts Only for the Wealthy?

All too often, people miss out on valuable estate planning opportunities because they fall for myths that they heard from someone once or did not properly investigate.

The only reliable source for estate planning information is an experienced estate planning lawyer who has a track record of assisting people with the proper structure of their individual plans.

One common myth that prevents people from putting together a trust that would otherwise help them and their beneficiaries is the concept that living trusts are only for wealthy people. This is the most widely believed misperception about living trusts and is completely inaccurate.

Although many wealthy individuals set up trusts, this doesn’t mean that they are an estate planning option that only makes sense for the rich. Instead, many individuals and middle class families find that there are numerous benefits to using a living trust that could complement their other estate planning.

A living trust enables the grantor to retain control over the trust property until he or she passes away. At that point in time the trust is turned over to the successor trustee who was selected by the grantor and is responsible for distributing trust property, according to the grantor’s individual wishes.

There are numerous benefits to having a living trust as part of your overall estate plan, such as easy distribution of your assets to your beneficiaries, avoiding probate, and additional privacy. Furthermore, a living trust ensures that the wishes outlined in their estate planning are followed to the letter. A knowledgeable estate planning lawyer can help you to draft this important document.