Living Trust Planning

A living trust is a legal document that just like a will contains your instructions for what you want to happen to your assets when you die.

Living trust planning.

Saves time and money in the probate process a living trust names a trustee who can immediately take care of your end of life affairs like paying for funeral costs and distributing property to heirs without having to wait on the probate judge. Here are the benefits. A living trust is most appropriate for individuals who have complex financial or personal circumstances such as substantial assets a blended family closely held business interests or property in other states. A living trust designates a trustee to manage assets for the beneficiary while the grantor is still alive.

A trust is an arrangement under which one person called a trustee holds legal title to property for another person called a beneficiary. A trust is a fiduciary arrangement that allows a third party or trustee to hold assets on behalf of a beneficiary or beneficiaries. During your lifetime the assets are held by the trust. You as the grantor transfer your assets into the trust.

You cannot do this with a will however you can also make a durable power of attorney to appoint someone to manage your finances. Revocable trusts commonly called living trusts are an effective estate planning tool for avoiding the costs and hassles of probate preserving privacy and preparing your estate for ease of. En español for most people a will is the first choice for passing on an estate to heirs but it s not the only choice. What is a living trust.

A living trust could have some advantages for you over other ways to manage your estate. Learn more about trusts and how they can help you in estate planning. Living trusts are available from estate planning attorneys off the shelf software and online resources such as nolo. A living trust is an option for estate planning that can be very attractive.

In a living trust you can name your spouse partner child or other trusted person to have authority over trust property if you become incapacitated and unable to manage your own affairs. Trustees with fiduciary duty manage trusts according to the beneficiary s best interests. Trusts can be arranged in may ways and can specify exactly how and when the assets pass to the beneficiaries. In addition to being one of several ways to avoid probate the legal process to determine whether a will is valid living trusts may offer before death and.

Benefits of a living trust. But unlike a will a living trust can avoid probate at death control all of your assets and prevent the court from controlling your assets if you become incapacitated. You can be the trustee of your own living trust keeping full control over all property held in trust.