Living Trust Planning

Among other estate planning tools the revocable living trust is gaining in popularity especially among boomers.

Living trust planning.

A trust is an arrangement under which one person called a trustee holds legal title to property for another person called a beneficiary. 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. A living trust designates a trustee to manage assets for the beneficiary while the grantor is still alive. Learn more about trusts and how they can help you in estate planning.

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. Benefits of a living trust. You can be the trustee of your own living trust keeping full control over all property held in trust. 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.

Here are the benefits. 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. Trustees with fiduciary duty manage trusts according to the beneficiary s best interests. A living trust is an option for estate planning that can be very attractive.

What is a living trust. A living trust could have some advantages for you over other ways to manage your estate. Trusts can be arranged in may ways and can specify exactly how and when the assets pass to the beneficiaries. 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.

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. A trust is a fiduciary arrangement that allows a third party or trustee to hold assets on behalf of a beneficiary or beneficiaries. You as the grantor transfer your assets into the trust. During your lifetime the assets are held by 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. Living trusts are available from estate planning attorneys off the shelf software and online resources such as nolo. After your death the assets are distributed to your beneficiaries according to your wishes and on any schedule you choose.