Other living trust attorneys might say that you need a living trust because it is a way to avoid probate. However, there are more benefits to having a living trust other than that. As a Living Trust attorney, Oceanside, with decades of legal industry experience, I’d like to share other living trust benefits that might surprise you.
So, here we go.
Living Trusts – not only for probate
Many people work on their living trusts because they see it as a prospective tool to use to minimize the impact of (or avoid entirely) the probate process in Oceanside. However, the benefits don’t end there. They are helpful in several things – from disabled beneficiaries to Medicaid planning to business succession.
Personal or beneficiary disabilities
A revocable living trust is an ideal way to keep assets under your control even if you become mentally or physically unable to manage it. Furthermore, it can help protect the Trust’s beneficiaries with disabilities from losing SSI or Supplemental Security Income benefits. It can also address plans for disabled adults living in the home, should the grantor pass away. (Talk to our living trust attorney, Oceanside, for more about this)
Business Succession Benefit
A revocable living trust can be a crucial tool in addressing concerns about the succession of leadership and ownership should your business partner pass away or become disabled. A Trust of this kind can appoint a successor trustee and instruct them to continue the operation of the business.
Children of first marriages
If you are a person who has children from a previous marriage, having a living trust can be a big help to avoid potential conflict between spouses and children from different chapters of your family’s history. A second spouse may intend to shut out biological children from a previous marriage, which may lead to legal disputes. With a revocable living trust, you can define the boundaries within which your surviving spouse must act. You can limit his/her control of the Trust and prevent him/her from disinheriting children of entities by moving some assets into a separate trust solely controlled by the biological parent.
Online looking for a reputable living trust attorney, Oceanside? Contact us today at (858) 558-1191.
