It’s easy to put off estate planning, thinking that nothing will ever happen to you or that your assets are pretty straightforward. The truth is that every homeowner should reap the benefits of having a trust. Plan for the unexpected by including your assets in a trust where you can clearly name beneficiaries and ensure everyone in your life is cared for in the case of your death.
5 Reasons to Include a Trust in Estate Planning
You may think your affairs are in order if you have a will and a funeral plan. But did you know your estate is at risk of probate if you do not have a trust? Let’s talk more about the reasons to have a trust:
1. Avoid Probate: Did you know that even with a will, your estate can get tied up in probate, making all assets unavailable to your surviving family members? When your assets are in a trust, they will be unaffected at your time of death. The trust will continue like before.
2. Plan for Family Members: Make plans for the distribution of assets with a trust, including dispersing funds at specific ages or achievement milestones in a beneficiary’s life.
3. Name Power of Attorneys: Do you have someone who can take care of your finances if you become incapacitated? Name a financial power of attorney to pay your mortgage and pay bills during this time. In addition, a healthcare power of attorney will make healthcare decisions on your behalf.
4. Appoint a Guardian: Use the trust to name a guardian who will care for your children if you and your spouse pass away.
5. Ease Family Worries: Once you’ve created a trust, your family can feel more at ease. If they know you have planned for the unexpected, they will no longer worry about how they will cope financially after you pass away.
Once you have a trust in place, you can rest easy about your family’s future. No one wants to worry about an impending death. But you can enjoy living in the present once you take care of business.
Miles & Hatcher, LLP, is available to get you started on opening a trust. Meet with the team to discuss specifics about your estate planning needs. Call to make an appointment at (909) 481-4080.