LIVING TRUST
A living trust is primarily used in estate planning to avoid
probate. You transfer property to yourself,
as trustee, in trust, for the benefit of yourself while you are alive.
Since the title to the property is no longer in your name, it does not
have to go through probate when you pass away.
If you are married, you both transfer title to both of you, as
trustees, for the benefit of yourselves. When one of you passes away,
you specify that the surviving spouse becomes the sole trustee.
You can name successor trustee in the event of death, incapacity, or
other events. You can also specify how your estate should be
distributed when you pass away, or to keep your estate in trust until
your children are old enough to receive your estate.
You will first need a living trust document, which operates like a
blueprint, with instructions about who serves as trustee and how your
estate will be distributed when you pass away. Once that is completed,
you have to transfer title on your home, investments, business, bank
accounts, automobiles, etc. to implement the trust.
You can also include estate tax planning, and make provisions for
other contingencies.
Key Benefits
- Avoid Probate.
- Plan where assets go upon death.
Experience
I have prepare living trusts for many clients and carefully discussed
plans for when they pass away. |
Powerpoint Presentation
I have more information about Living Trusts in an Estate Planning PowerPoint presentation.
If you want to view it, click on the link below.
Estate Planning PowerPoint
