3 ways a living trust can simplify your life right now
Not everyone, and especially young people, can see why it’s important to set up a living trust right now.
I’m not talking about the people who have already advance-planned every day to the minute for the next three years.
I’m talking about the majority of us, whose motivation to take action depends largely on the amount of time we have (or think we have) left to get it done.
Although none of us know when we will actually die, most of us are fairly optimistic we will all enjoy a long and fruitful life.
But even assuming you have 30, 40, or 50 years of life ahead of you, there are reasons a living trust can benefit you here and now. Here are three of them:
First, setting up your living trust now forces you to think hard about your values. What property do you plan to leave behind, and to whom? And why? Setting up your living trust is an exercise in self-reflection that helps guide your future decisions.
Even if you currently own few or no assets, you can set up placeholders in your living trust that can easily be filled in later with greater detail.
Next, it is called a “living” trust for a reason: it is a very flexible legal tool that allows you to transfer property in and out of it as your life circumstances may change. In this way, it grows with you. Only when you pass away does it lock in and behave like a will would, the key difference being that a trust (unlike a will) will keep you from fuddling around with bureaucrats in probate court.
Finally, owning a living trust simplifies your financial life as you begin to grow your wealth and acquire assets. If you buy real estate for example, you can put title to that property into your trust from the get go and save headaches down the road you’d have if you set up a trust after you acquire those assets.
These are just a few of the benefits, and there are much more.
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