A living trust is defined an arrangement, made while you are alive, where one party (trustee) is chosen to hold legal title to property for another party (beneficiary). It is how people safeguard their assets and estate after their death. Living trusts can also help loved ones avoid probate in some cases which makes the process of settling an estate easier and faster. If you are considering setting up a Living Trust Camp Hill, Pennsylvania, it is important to have a good lawyer to help you. The following will discuss the primary benefits of preparing a living trust.
Probate can take months or even years depending on the estate and any conflicts and contests posed during the process. Having a living trust prepared along with your lawyer usually helps your loved ones avoid the probate process. Unlike a conventional will where everyone is forced to go through probate court, a living trust allows you to handle all the details before you are gone by designating a trustee to administer the property and assets according to your wishes after you are gone. No probate necessary.
Provides More Money
When you set up a living trust to make payments over a period of time rather than a lump sum all at one time, your loved ones will enjoy monetary growth. It allows them to live in the manner to which they have become accustomed while protecting them from lavish and wasteful spending. In essence, your loved ones will be provided for over the years instead of given a huge amount of money they squander away in a short time.
Lowers Inheritance Taxes
While there is no way to escape the evil taxes of an estate when it comes to the inheritance tax, you can help your loved ones avoid giving a large portion of their inheritance to the government. A conventional will does not protect your family from paying the exorbitant inheritance taxes like a living trust can. The money from a living trust Camp Hill incur lower tax rates than what is incurred from a traditional will.
Preparing a Living Trust Camp Hill, Pennsylvania alongside your lawyer also allows you to designate money for your favorite charities or to your pets that your family cannot contest. Attorney Neil E. Hendershot can help you determine what is needed for your living trust. Getting started is as simple as setting up a consultation with a lawyer.