If you become ill and unable to make your own decisions while living in Delaware, other people will make medical decisions for you. The same thing will happen to your finances if you don’t choose how your assets will be distributed upon your death. Starting early by utilizing estate planning can help ensure you have a say in these matters. Using an estate plan lets you set up a trust, name beneficiaries with specific terms and plan for incapacitation.
Planning for incapacitation is essential
One of the benefits of using an estate plan is the ability it provides to state your wishes if you become incapacitated. Setting up a trust and letting your loved ones know how you should be medically treated can be completed by including it in an estate plan.
Benefits of using a living trust
Besides planning for incapacitation, another benefit of incorporating a living trust into your estate plan is its ability to not go through probate. This action can save time and avoid attorney fees and court costs. It’s also completely private, so the beneficiaries you name to receive your assets will be kept secret.
Utilizing a living trust can also be helpful in these situations:
- Passing on a business to beneficiaries
- Disinheriting a child
- Disbursing funds to beneficiaries with specific terms
A living trust passes your assets immediately after you die. You will likely want to use a living trust if you think your will might be contested when you pass away. If you plan to disinherit a child, a trust allows you to ensure these wishes are carried out without court interference. Using a trust may be best if you own a business and want to ensure there are no changes in ownership and management.
When you want to be specific about how your assets are distributed after you die and plan for incapacitation, using a living trust is critical and can be highly beneficial.
