Most adults in America know the importance of having a Living Trust. If you own anything that’s important to you, and you are incapacitated or die, the government decides what happens to everything you own. Even if you don’t have any assets today, most people plan to acquire investments, real estate, art, jewelry, automobiles, etc at some point in their life. Creating a Trust is much simpler when your life is simple. There are far fewer inputs and things to think about. All you need to do is set one up, and then as you start to acquire assets, get married, and have children, you can immediately title things in your Living Trust and ensure you are protected. For this reason, you should create a Living Trust as early as possible in your life.
The old way of creating a Living Trust involves lawyers, notaries, 3 ring binders, and safe deposit boxes. At Dynasty our mission is to remove all of this friction and make setting up a Trust simple, digital, and as close to free as we can get it.
There are also many important events that could trigger a great time to start a Living Trust:
- Asset Protection: If you have inherited or purchasedsubstantial assets or property, a living trust can help protect your estate and manage your assets more effectively. This can be particularly beneficial if you own property in multiple states, as a living trust can help avoid the need for probate in each state.
- Privacy Concerns: Unlike wills, living trusts are not a matter of public record. If privacy is a significant concern for you, establishing a living trust may be appropriate.
- Becoming a New Parent: If you are a new parent, setting up a living trust can ensure they are well cared for if something happens to you. In a living trust, you can specify how you want your children’s inheritance managed.
- Anticipating Incapacity: If you are worried about health problems, a living trust allows you to prepare for potential mental or physical incapacity by appointing a successor trustee who can manage your affairs if you become unable to do so.
- For new Home Owners: A living trust can help streamline the estate administration process, making it easier and faster for your heirs to receive their inheritance after your death.
- Tax Planning: If you have a sizable estate that could be subject to estate taxes, a living trust, particularly an irrevocable one, can sometimes help minimize or avoid these taxes.
- Long-term Care Planning: If you’re starting to think about issues related to aging, such as potential long-term care needs, you may want to consider setting up a living trust as part of your overall planning strategy.