Living Trusts for Single People
- July 15th, 2014
- Katherine Becker
I’m Not Married…Do I Need a Trust?
You should answer this question by first asking yourself a few other questions:
- If you should become incapacitated, do you want to have a system in place for a person that you select to manage your assets and to use them to support you for the rest of your life, without court intervention?
- In the event of your death, do you want to have a system in place to select your beneficiaries, avoid probate and avoid conflicts in your family?
- Do you want a system that allows you to easily make changes in your estate plan if circumstances change?
If you answered yes to any of these questions, then a revocable living trust is your best choice for planning your estate.
What is a Revocable Living Trust?
A revocable living trust is a document that allows you to choose the person or institution that will manage your assets if you are unable to manage them. Through your trust, you establish rules and controls for how your assets will be invested and distributed for your benefit and the benefit of your beneficiaries.
Why Isn’t a Will Enough?
A will does not protect your interests in case of your incapacity. In addition, a will must be probated, a process which is lengthy, public, and expensive. In general, a trust is cheaper and faster to administer, protects you should you become incapacitated for any reason, and allows your estate to be handled privately, without court involvement.
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