In essence, a living trust can save your family time and money by avoiding probate once you pass away.
In the off-chance that a lawsuit is filed as a challenge to your living trust, it has a much lower chance of succeeding as opposed to a will. This is due to the fact that by having a living trust, you are assumed to have had a continuing involvement with it which is evidence that you could competently manage your affairs.
A significant benefit of living trusts is that if you were to become incapacitated at some point due to mental of physical illness, whomever you have made a trust with, such as your spouse, can have authority over your trust assets. This can be a great help to anyone charged with taking care of an incapacitated family member since they would otherwise need to go to court to obtain the lawful authority over their finances.
The law mandates that a trustee can only make such important decisions after one or two physicians can determine that you are in fact incapacitated to ensure an honest transfer of authority.
For help with a living trust, reach out a Nassau County elder law attorney from our firm!