What myths about a living trust should I know about?

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When you want to begin estate planning, you may feel overwhelmed by how many options are available. From holographic wills to spendthrift trusts, you may not know the nuances between particular choices. Additionally, you may have heard myths and misconceptions about a living trust or advance healthcare directive. As such, you may feel like the process is too complex, leading you to put off planning your estate. However, failure to plan can put your assets and loved ones at risk, so it’s in your best interest to connect with PA trust attorneys who can help you make an informed decision for your estate. Keep reading to learn the truth regarding some of these complex matters.

What is a living trust?

A living trust is a form of trust fund in which the creator or testator’s assets are transferred and handled by an individual, who is often the testator. This differs from a testamentary trust, which is created upon the property owner’s death.

In general, living trusts are synonymous with revocable living trusts. Essentially, this means the terms and conditions of the trust can be changed or revoked at any time. Many opt for this option instead of choosing a will because living trusts often do not go through the probate process as a will does.

What are the common myths surrounding them?

One of the most common misconceptions that turns people away from creating a living trust is that it is astronomically more expensive than a will. However, this is far from the truth, as it can be more expensive for your estate to go through probate. So, while the upfront cost may be more expensive, in the long run, creating a living trust can save you and your loved ones time, money, and stress.

Another common myth is that only wealthy people can justify establishing any kind of trust. While the running joke about “trust-fund babies” isn’t going anywhere, it’s imperative to understand that anyone with assets can benefit from the protection of a living trust. Again, it can help you avoid probate, which can take a considerable amount of your assets, but it also helps prevent your loved ones from going through this overwhelming process.

How can an experienced attorney help me?

If you’re overwhelmed by the amount of estate planning options available to you, you’re not alone. That’s why it’s imperative to connect with an experienced estate planning attorney as soon as possible to discuss your options. Unfortunately, many underestimate the importance of this process and pass without any documents established.

If you want to ensure your assets and loved ones are protected upon your passing, connecting with an experienced attorney from Friedman Schuman is in your best interest. Our dedicated team will do everything in our power to make this process as simple as possible for you. Contact us today to learn how we can assist you through these matters.

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