A solid estate plan can help Connecticut residents distribute their assets efficiently after they pass away. You may want to include a living trust in your estate plan, which can make distributing assets after you die even quicker.
Ensure that your property gets handed down to the right beneficiaries
Creating an estate plan is essential if you want your assets passed down to the proper beneficiaries after you die. It can also ensure that no bickering over property or assets occurs between your heirs after you die.
A living trust can provide instructions in case become incapacitated
While creating a will provides your wishes regarding the assets you own, it’s also a good idea to prepare for vital healthcare decisions if you can’t do so due to an illness or mental challenge. Creating a living trust can help with this problem. It can outline your wishes regarding life and who makes medical decisions on your behalf.
A living trust bypasses probate
Another significant advantage of using a living trust is its ability to bypass probate, which can make the asset distribution process go much smoother. When your estate does not enter probate, it does not become a matter of public record, which protects your family’s privacy.
It’s beneficial for you to fully understand the pros and cons of a living trust before establishing one. For example, many people don’t transfer their retirement accounts using this method because the IRS will require you to pay income taxes on the entire amount. An experienced professional may be able to provide you with more information about whether a living trust is right for you.