What are the Other Advantages of the Living Trust?
In addition to the simplification of administration procedures, a major advantage is that during your lifetime should you become disabled, a successor Trustee can step into your shoes and carry on your business on your behalf. Very often this may eliminate the necessity of cumbersome and expensive guardianship proceedings. Since a Living Trust is not subject to the provision of a public record, such as a Will, a Living Trust may maintain confidentiality with respect to one’s estate, its size, contents and distribution. A Living Trust, under certain circumstances, may also help minimize federal estate taxes. We suggest that you avoid sales people who call or invite you to attend free seminars with the thought in mind of “selling” you a Living Trust. Remember, there is no single, simple Living Trust adaptable to all people. Your estate plan should be customized to your personal desires. An improperly drafted Living Trust can cost you or your loved ones a great deal of unnecessary taxes,
