Living Trust

What is a living trust?

A living trust is considered to be a type of document where a trustee holds the legal possession of an asset that belongs to another person, a beneficiary, that you can create in your lifetime. A living trust will help you spell out what your desires are in regards to your assets, your heirs, and dependents. Having a living trust document in place will help you to avoid probate, reduce your estate taxes, and set-up long term property management. A living trust is best suited for individuals who have a substantial amount of assets, a blended family, property in other states and closely held financial interests. A living trust can be a very effective tool for individuals who are not married, assuming those individuals desires cannot be carried out through other means of beneficiary designations.

What are the benefits of a living trust?

There are some benefits that you will want to consider when you are trying to decide if a living trust is right for you and your family. One benefit of having a living trust in place is it can help you to avoid probate, which this means that your assets can distributed and divided up between your family and loved ones a lot faster. A living trust can save your estate money when you die since the distribution of assets will not even be going through the probate process. A living trust will hold up better in court over a living will if someone decides to come forward and contest your living trust. Contact estate planning associates to find out how they can help you find the best options between a living trust or a living will for you and your family.