Attorney Daniel Loveland Examines Difference Between Living Trusts and Wills

Attorney Daniel Loveland, of Daniel Loveland and Associates, lists the top three tips when choosing a living trust or a will.

San Antonio, TX (PRWEB) May 12, 2016

Daniel Loveland, founder of Daniel Loveland and Associates, states that some lawyers selling living trusts will tell people that the world will come to an end and the government will take everything they have for taxes if they don't have a living trust. "This is simply not true," said Loveland, who focuses on probate and estate planning. "The same tax planning can be done with a will, as well as distribution of your property."

For those weighing the options of a living trust or a will, Loveland lists the following three tips:

No. 1: Living trusts avoid probate. "Some people really want to avoid probate because they like the privacy of not filing a will and making their estate public, or they have real property in several states which would require multiple probates (ancillary) in the estate that were not the residence of the person who died," said Loveland. "That would be good to avoid a primary probate in the state of the person's residence and ancillary probate in the states where they had other real estate."

No. 2: Living trust planning can involve more in legal fees. Some people think that the additional fees are worth it, while some do not. "The only bias I have when talking to people about the differences between living trust planning and will planning is if the client is later in life and they may want family members to assist them in managing the family assets," said Loveland.

No. 3: Examine the assets. "It's important to examine the assets and see if they would lend themselves to management better if they were in a living trust and a backup trustee would manage them, or if they could be managed by a trusted family member by using a statutory power of attorney," concluded Loveland.

About Daniel Loveland and Associates
Daniel Loveland and Associates is a full-time estate and business planning firm. The firm operates on the proven conviction that the vast majority of estate and business problems are preventable, and can be efficiently anticipated. For more information, please call the San Antonio office at (210) 495-0700, the Austin office at (512) 329-2066, or visit http://www.djloveland.com.

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