Here's Why I'm Considering a Living Trust for My Family

This article is intended for educational purposes only and is not legal advice. For guidance on your personal situation, please contact a lawyer.

Writing a will was, frankly, one of the more depressing things I had to do as an adult. But I knew it had to be done. And now, I have the peace of mind that comes with knowing that my wishes have been spelled out.

But I'm not sure I'm done with estate planning just yet. Despite having a will, I'm now leaning toward creating a living trust with the help of an attorney.

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To be clear, I'm certain it will cost me a lot more money to put a living trust in place. But I'm willing to go through the motions for one key reason.

I value my privacy -- a lot

You might think that there are special tax breaks to be enjoyed with a living trust. But I don't see any obvious tax benefit. Rather, my main reason for looking at a living trust stems from my being a private person by nature who doesn't like details of her finances shared with the world.

See, the will I put together is a valid legal document. But when you use a will to pass assets on to your heirs, it becomes subject to a process called probate. That means a court has to verify its validity, and that process has the potential to be lengthy and aggravating.

But that's not even what bothers me the most. Wills that go through probate also become a matter of public record, and I'm not comfortable with that at all.

I don't like the idea of nosy neighbors or acquaintances being able to get a copy of my will and see what's in it. I consider that a major invasion of my privacy and my family's.

To put it another way, imagine you were to score a record-breaking commission at work, leaving you $50,000 richer overnight. Would you want that windfall broadcast to the world? Or would you want to keep it under wraps and celebrate it privately?

I'm in the latter camp. And I do not want to create a situation where my loved ones have to stress about their financial business becoming a matter of public record. So, while I don't think creating a living trust will be uncomplicated, I also don't have to go it alone. And I'm willing to put in the time and spend the money to protect my family's privacy.

Think about whether a living trust is right for you

It's a big misconception that a living trust is something only the wealthy need. Even if you have a modest estate, it could pay to set up a living trust for the same reason I'm leaning toward one.

Plus, the nice thing about a living trust is that you control the assets you put into it while you're alive. This gives you the flexibility to make changes as needed.

If you decide that a living trust isn't necessary for you, that's OK, too. But at the very least, make sure you have a will that spells out how you want your estate distributed. Otherwise, you're leaving things to chance and taking a very big risk.

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