Why Should I Have A Living Trust
You may have heard of living trusts and the reasons for getting one. Today’s guest post answers the question, Why should I have a living trust?
Why Should I Have a Living Trust
by Gary Fitzgerald
One of the most common questions we get from potential clients is, “Why should I have a Living Trust?“
Peace of mind
I thought today I would share the reasons we first got our Heritage Living Trust (HLT). My wife and I created our Heritage Living Trust when our daughters were both in elementary school. I had plenty of life insurance, but we both were concerned who would raise our daughters if we both passed in a common accident. The nomination of a guardian of minor children was our top reason for deciding to get a HLT. Getting our HLT executed gave us both peace of mind.
Today our daughters are 26 and 29, and our top concern is now transferring our estate to them quickly, privately, and without the cost and delay of the probate court. Like every client of HLT, we take advantage of the free lifetime changes and support, and keep our trust current.
My dad had a living trust
My dad passed 8 months to the day after he was diagnosed with pancreatic cancer a few years ago. I was fortunate to take care of him the last week of his life, and be with him when he passed.
After spending time with him and saying our goodbyes, we opened and started following the instructions in his trust. He had made all the arrangements and taken care of everything. This allowed us to mourn his loss, and not left to try to figure out, or guess what he would have wanted. Plus, there was no probate.
My dad was a caring and responsible man, and in his death his living trust allowed his legacy to remain intact.
Why should I have a living trust?
A handful of times each year, we get rush trust applications from agents with clients in the hospital or at home under hospice care, and that client will pass before the Trust is completed, executed, and funded. It breaks our heart each and every time this happens.
Or, a family member is diagnosed with dementia or Alzheimer’s, and it’s too late. We can’t help them. Tomorrow is promised to no one. Please take care of this for yourself and your clients today, while you are able.
In conclusion, the reasons for having a living trust are compelling and worth thinking through carefully. We help many clients in this area. Contact us if we can assist you or answer any questions.