If you are planning your estate in New Hampshire, you will want to make sure that your estate is planned in a way that minimizes complications for your beneficiaries. Due to this desire, there has been an upward trend in recent years, whereby revocable trusts are becoming more popular.
This increase of popularity in regard to trusts has occurred for many reasons, but one of the biggest is due to the fact that trusts are able to avoid probate. If you are confused about the options you have in planning your estate in New Hampshire, it is important that you take the time to do adequate research. Making a comparison between wills and revocable living trusts is a good place to start.
The most striking reason why a revocable living trust greatly benefit families is its ability to bypass probate. Probate is not desirable because it takes a long time, can lead to extensive administrative efforts and is costly. By avoiding probate, you are essentially helping your loved ones avoid an administrative headache.
Keeping your affairs private
If you don’t want your affairs to be made public, you might want to avoid making a will, and opt for a trust instead. Wills that are submitted for probate become public, and, in theory, anyone will be able to view the records.
Planning for the end of your life
Trusts also help you plan for several eventualities during your lifetime. For example, if you suffer from a long-term, debilitating illness, you may want to plan for the possibility of incapacitation. A trust can be used to give to a reliable person to manage your affairs when you are no longer able to.
Both can be the best option
Many people decide to have a trust and a will. This enables them to put some assets in a trust, but benefit from the all-encompassing aspects of a will.
If you are starting to plan your estate in New Hampshire, you should make sure to conduct thorough research so that you can make the best possible decision.