Well the overarching benefit is the ability to really provide for a seamless transition for your family and your loved ones someday when you’re gone or if you’re incapacitated that’s another scenario where a living trust is very useful.
Let me break that down for you into three subparts; first of all, a living trust is very useful when it comes to your death and providing for a transition of wealth onto your loved ones. Proper use of a living trust can enable you to avoid probate and save substantial money, substantial time and make things much easier on your loved ones.
Secondly, a living trust provides for superior disability planning so if you become incapacitated and you have a living trust it’s a very smooth transition for that successor trustee who you’ve already chosen to be able to step up into your shoes and to now act as trustee.
The third real big benefit to a living trust is the ability to provide asset protection for beneficiaries. Many of us may have children, loved ones, somebody for with whom we’re not comfortable just leaving a large lump sum inheritance and through proper use of a living trust we have the ability to pass on that inheritance in an asset-protective manner.