Living trusts are an important tool to being prepared for the future. A Trust is a legal vehicle that allows for different options for managing assets. It is a fiduciary arrangement where assets are held for one party (the beneficiary) and managed by a different party (the trustee).
The main benefit of a Living Trust is its flexibility. Living Trusts can be arranged in many different ways, can hold different types of assets, and can come with different types of conditions. For example, the creator of a Trust can designate the age at which the beneficiary will receive all the assets in the Living Trust. Until that age, access to the assets will be managed by the trustee.
The benefits of a Living Trust include:
- The articles of Living Trust helps avoid Probate. This means any asset in a Trust is likely to be accessible by the Successor trustee or beneficiary more quickly than if the same assets were transferred using a Will. Avoiding probate also means savings in court fees and added privacy, as probate is a matter of public record.
- Living Trusts allow you to plan for the future of your assets while still giving you control during your lifetime. A Revocable Trust allows the owner of the assets to continue to access them during their lifetime while also specifically designating who, and under what circumstances, may receive the assets after the owner’s death.
While one of the main benefits of a Living Trust is its flexibility, this also means it presents a number of important questions and considerations while being created. Contact us now for assistance with establishing your Living Trust.
In our LT you will receive the Articles of Trust, Pour Over Will, and 2 Powers of Attorney – one for health and one for finance.