A living trust is a very important legal document to get drafted to protect your family and preserve your assets after you pass away. This article will provide you with the information you'll need to get an understanding of living trusts before you get one drafted.
First, you will need to know the difference between a will and a living trust. Many people mistakenly think that they are the same thing, but this isn't true at all. If you are looking for the professional trust attorney in Mesa, then you can browse the web.
While both of these documents allow you to name beneficiaries for your assets, there are a number of differences. A revocable living trust allows you to avoid probate, while a will does not. Probate can be stressful for your family and potentially expensive if your will gets contested in court.
Another difference is that a living trust allows you to plan for incapacity, while a will does not. This is important because often times people become sick or incapacitated before they die.
Revocable living trusts are very popular due to their flexibility and fit the needs of most people. The details of a revocable trust can be changed, amended, or revoked at any time while you are still alive. People like revocable trusts because they offer a great combination of protection and flexibility.
Irrevocable trusts are more complex than their revocable counterpart. Common cases where people set up irrevocable trusts are for tax shields, credit shields, or setting up a trust to take care of a family member with special needs.