Time is on your side. Well... not so fast.
Time is on your side. Well... not so fast.
(a practical look at a living trust)
Time Is On My Side is an excellent song famously covered by The Rolling Stones in 1964. The band was in their early twenties at the time, which made the song's message feel especially fitting. They were living that feeling in real time. Only, one day those twenties are in the rear-view mirror.
Reality check. Real life happens. The kind that humbles you. You lose people you thought would be here forever. The theory that time is on your side is put to the test.
If you or your family do not have the luxury of a financial cushion, protecting what you do have becomes essential. There's a Living Trust, which, if set up correctly, protects your assets, manages them during your lifetime, and passes them on when you're gone. It's primary job? Keeping your estate out of the public, time-consuming, and expensive government probate process. A trust clearly names who’s in charge (the trustee) and who benefits, making sure your wishes are followed without court involvement.
A living trust isn't limited to real estate, so the notion that it's just for rich people is not true. The living trust addresses things while you are alive, like a health directive or power of attorney, should you become incapacitated. If you have minor children or children with special needs, a living trust allows you to clearly plan for their care if something happens to you. Stocks, CDs, even personal possessions like artwork, cars, and jewelry can be part of your trust. All of these are matters to discuss with your lawyer or by whatever DIY method you choose to create your trust.
This is the moment to start thinking about it. Not in panic but in peace.
Because time may not always be on your side, but preparation absolutely is. Because “later” is not a plan. “Later” doesn’t protect your home.
“Later” doesn’t guide your family. And “later” definitely doesn’t keep your business out of the public eye. How it all works depends on you and your needs. You must ask enough questions to know how to tailor your trust.
Most people start by looking for the cheapest option when thinking about a trust. That’s understandable. But it is worth asking whether that is really the best idea. If you are considering a trust at all, chances are you have assets you care about and want peace of mind knowing they will be handled and passed on according to YOUR wishes. While DIY trusts can save money upfront, when it comes to protecting what you have built, the real question is not just cost, but whether the plan truly gives you confidence and peace of mind.
Ultimately, it is about deciding what matters to you, whether that is family, personal items, or things you have worked hard to acquire, and making sure they are passed on the way you want.