The Importance of Creating a Will or Living Trust Today

Do you want to ensure that your assets stay safe after you pass? Or maybe you’re concerned about who will take care of your family members if something happens to you? In either case, creating a will or a living trust can be beneficial.

Many Americans never write their wills or living trusts. They pass away without leaving instructions about who inherits their assets. According to Caring.com, 56% or 1 in 2 Americans, having a will or living trust in 2022 is essential. Some say they don’t have enough assets to distribute after death. But having a properly drafted will or living trust can ensure your loved ones receive the possessions they desire after you pass away. Here are some reasons to create a will or trust before you die.

Helps You Avoid Probate Process

When you die, your assets legally become estate property. Without a will, your assets go through probate court proceedings. Here, attorneys present cases in courts to decide who gets what after death. But this process can take years and cost money. A trust allows you to protect your assets from becoming part of a probate proceeding.

Protect Your Assets From Family Feuds

When setting aside funds in a trust, beneficiaries receive their inheritance immediately after the creator dies. That means having a trust in place can protect your assets from family members who may have disputes over property ownership after your death.

Keeps Your Property Out of Reach of the IRS

When you die, your estate may attract tax if you leave it without a will. Many people wish to leave their property to loved ones. But, they don’t want it taxed after their death. The property in the trust can only avoid tax at death by creating a trust. Also, trusts can protect creditors after someone has passed away.

Lets You Decide Disposition of Property

One of the biggest reasons people create trusts is to give control of their property into someone else’s hands. You can do this by naming trustees as the property owners or even leaving the distribution of the property entirely up to the trustee or attorneys.

Making plans is never too early. If you’re having challenges drafting a will or a living trust, contact professional estate planning attorneys to help you out.

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