We all know families that have encountered extreme stress when one of them goes into a long-term care facility or passes away and assets are called into question. Litigation may even be threatened. This is the very last thing that should be on the minds of the family members at such a time, but oftentimes, it becomes all they can think about.
A great way to avoid probate litigation is with a living trust that allows you to place assets into the trust and manage it until your death, thereby avoiding probate court.
Another way is to plan for long-term care costs when you are still healthy, thus sparing your family the potential panic of dealing with unexpected costs that may result in your assets being depleted before your death. The creation of an asset protection trust that holds your assets while you are living and then distributes them after your passing is a great way to avoid probate court. The main difference between this trust and the living trust is that the asset protection trust can help you plan for long-term care costs.
Establishing your living trust early in life is ideal, as you can build upon it with additional assets, as opposed to leaving things to chance after your death. It is also very important to create an asset protection trust at the proper time.
When most of us take stock of our current property, which includes finances, real estate, and personal property, we find that the value of it can be much more than we initially realized. All of your property is subject to coming into question after your passing. But if you make estate plan provisions for it, your assets will be organized, and you will thus ensure that your last wishes are followed.
Think about it. Then, call an estate planning attorney today to get going on the details!