For more than 20 years, Bob Bennie Wealth Management has been helping clients grow their wealth and plan for retirement. Led by Certified Financial Planner™ Bob Bennie, the Nebraska-based company offers a variety of services. One service available at Bob Bennie Wealth Management is estate planning, a process that often includes the creation of a living trust.
Here are three benefits of a living trust:
1. Avoids probate. When only a will is in place, an estate must go through the long, costly, and public probate process. However, assets placed into a living trust do not go through probate. Instead, they are quickly and privately passed to beneficiaries and heirs.
2. Saves money. One of the biggest deterrents of a living trust is the perception of a high upfront cost. In most situations, the cost of a living trust is higher than the cost of a will. However, paying this cost upfront actually saves money in the long run. With a living trust in place, beneficiaries do not have to pay probate costs and may see a reduction in estate taxes. As a result, more money is left for heirs.
3. Provides certainty. Once a living trust is in place, individuals can feel that their families will be properly cared for after they pass. For many, a living will provides peace of mind.
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