Often these terms can be confusing, so seeking the advice of an attorney is important when dealing with estate planning. Here in this video, Anthony Albertazzi discusses some of the cases where having a living trust may be a good option:
One example of when it may be beneficial to have a living trust is when you or your current spouse have children from previous marriages. This type of estate planning can help distribute assets upon your death.
Another time that a living trust may be helpful is when you are older and want to plan for your finances in case of being incapacitated by an illness or disability.
Many people ask who they should have be in charge of their trust or will, and that’s also something an attorney can help you decide. a child or spouse may seem like a good choice, but many times these issues of estates and wills can be very troubling to family members, and often conflicts and problems can arise. Your attorney may e able to help you look at the situation logically, with less emotion involved in the decision-making.
As always, seeking the help of a qualified attorney can help you make the best choices when it come to planning for the future.