Louisville Living Trust Lawyer
Living Trust Attorneys in Louisville, KY
One of your first estate planning goals should be to create a living trust. Living trusts are important estate planning strategies that provide security and flexibility in the management of your estate. They provide all the advantages of a will in addition to several other benefits.
To get the most out of the arrangement however, you need to rely on a skilled estate planning lawyer. Living trusts only function effectively when appropriate foresight is applied in their initial creation. Apart from this, there are other tricky aspects to creating the trust that you will need to keep in mind. A living trust must be funded and the relevant assets transferred to the trust. Not all assets are meant for a trust, however. There is no need to transfer assets with a clear beneficiary designation to the trust.
An experienced Louisville probate lawyers Triplett & Carothers will advise you on what you need to take into account when creating the trust. We can help you plan the operation of your living trust and set it up to function perfectly. We can help you maintain the trust throughout your lifetime and can assist to enforce it after your death.
What is a living trust?
A living trust incorporates two things. First, it is an arrangement that allows you to transfer property to an individual or corporation with an obligation to manage it on behalf of a named beneficiary. This lets you cater to those that are dear to you, even when you can no longer do so yourself. Better, it lets you cater for your own self, against a future when you may not be able to do so for yourself.
Second, and unlike other trusts, it comes into effect even while you are alive and may be modified at any time before you die. This is why it also commonly referred to as a revocable trust.
So, a living trust allows you to plan for an uncertain future and still provides enough flexibility to change your plan in accordance with the times. When an experienced Louisville estate planning lawyer helps you create one, you can access a whole range of benefits. Let’s look at some of them.
Advantages of a living trust
There are numerous advantages to creating a living trust. As one of the most ingenious wealth management mechanisms around, it gives you a great way to protect your property while you’re alive and even after your death. Since it involves a transfer of those assets, it removes your name from the property and leaves it untouched by debts, court judgments etc.
Living trusts also allow for an incredibly smooth inheritance process, such as the immediate transfer of assets after your death without court interference. This saves your heirs the trouble and expense of going through the court-managed probate process.
In the event of incapacity or illness, living trusts would include your instructions on how you want your affairs managed. This is important since it makes it unnecessary for a lengthy guardianship or conservatory process. Once you designate certain persons to make decisions on your behalf, they will do so smoothly and on your instructions, as made known in the trust.
Contact a Skilled Louisville Living Trust Lawyer Today
A living trust is more than just a legal document that prepares your estate for your death. It is an important wealth management tool that provides substantial benefits during your life as well.
To get started on preparing your own living trust, get in touch with our skilled Louisville living trust lawyers at Triplett & Carothers. Call us today and we’ll help you begin the process of managing your estate in an effective, organized living trust.