Often, when you are beginning to search for ways to transfer your legacy while protecting yourself and loved ones from potential devastation, the term estate planning and living trust tend to pop up. What is a living a trust? A living trust is a legal document you (the grantor) create during your lifetime that owns your assets and directs your assets to whom (your beneficiaries) they will be given to after your passing without the lengthy and expensive process of probate.
Some of the major benefits of creating a living trust include:
– Avoiding probate
– Saving you and your loved ones money in the future
– Distributing your estate privately, out of the public eyes
– Allowing your trustee management of your trust if you become ill or incapacitated
There are two main types of living trusts:
– Revocable Living Trust – allows for modification and can be revoked at the grantor’s discretion.
– Irrevocable Living Trust – cannot be changed, modified or revoked even with a court order once it is recorded. This offers valuable asset protection.
One of the most common questions we get is “How is a will and trust different from one another?” The biggest difference is that a will only goes into effect after it has entered the probate process and has proven to be valid in the eyes of the law. A trust bypasses the costly and time-consuming process of probate, enabling your trustee (the person who will manage and distribute the assets of the trust) to carry out your instructions as documented within your living trust.
Our knowledgeable attorneys will help you determine the best type of trust for your individual needs and goals.
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