According to hbllp.com, living trusts help to manage the assets of an individual during their lifetime and may be more difficult to challenge than a normal will. In my opinion, one would want to think about a trust when considering the health issues associated with aging. At some point in time, as the mind grows older, we should place our trust into other individuals to make decisions for us.
For most people, this can be extremely difficult to do, since many of us believe we should be independent and not rely on other people. In addition, to setting up a living trust to manage assets, one should also consider a plan to take care of other aspects of life besides the financial aspect. This is all an important part of planning out our future.
Do you have any related comments on particular situations where a living trust was helpful for your family? Do you think your family should or should not have a living trust in place?
A related article is Why Do You Need a Will?
This post was reposted from http://finlit.biz/estate-planning/why-do-you-need-a-living-trust/, originally written on January 2013.
No comments:
Post a Comment