If you have several properties, you may have been thinking about what will happen to them if you were to become seriously ill, injured, or pass away. You may have already set up someone to serve as your power of attorney and are thinking about setting up a will to ensure your desired beneficiaries take control of the properties once you are gone.
However, before you start the process of setting up a will, you may want to consider another option. Below are a couple of the advantages of using a living trust for your estate's properties instead of a will.
1. Lets Your Power of Attorney Easily Make and Carry Out Decisions on Your Behalf
One advantage to bringing your properties under the umbrella of a living trust is that it allows your power of attorney to easily make and carry out decisions on your behalf. If you become incapacitated, they can step right in and take control of your properties for you.
With a living trust, ownership of the properties is transferred over to the trust itself. While you are able, you are the controlling entity for the trust. However, if you are unable to do so, you can designate the person who can make any decisions for you about the properties by listing them as the next person in line after you for the trust. With a will, they would have to go through the court system to obtain this control.
2. Allows for Easier Transfer of Property to Beneficiaries Without Having to Go Through Probate
Another advantage to having a living trust over a will is that it allows for easier transfer of the property to your beneficiaries. With a will, your estate will have to go through probate court, which can take months or even years, depending on the extent of the properties and any issues that may arise.
However, with a living trust, no probate is needed, as the properties are owned by the trust itself.
If you are concerned about what will happen to your house and other property if you become unable to do so because of severe illness or death, you may want to consider setting up a living trust instead of a will. Doing so will allow for easier management of your estate as well as easier transfer without the need for probate. If you are interested in learning more, set up an appointment at a law firm to discuss this option further.
Talk to a law firm to learn more.