Living Trust Planning Consultation

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What is a Living Trust?

A Living Trust is a legal document that holds your assets in a "trust" during your lifetime, managed by a trustee. It can help you plan for the distribution of assets upon your death or if you become incapacitated.

When Should I Use a Living Trust?

Consider using a Living Trust if:

• You want your assets distributed quickly upon your death or incapacitation.
• You want to ensure the distribution of assets remains private.
• You want to appoint a person or professional executor to manage the assets in the trust.

What Does a Living Trust Do?

Living Trusts offer several advantages:

• Quick Access to Assets: Unlike Wills, Living Trusts bypass probate, enabling faster distribution of funds and assets.
• Flexibility: The trust can distribute assets after your death or in the event of disability.
• Care for Dependents: Funds can be allocated to cover death expenses or care for minors and disabled family members.

How Do Living Trusts Work?

Living Trusts are simple:

1. Assets Are Transferred: Your assets are placed into the trust.
2. Trustee Is Designated: You appoint a trustee to manage the trust's assets. This can be yourself, another person, or even a paid professional executor.
3. Beneficiaries Are Named: Individuals or entities who will benefit from the trust are designated.

What About Irrevocable Trusts?

One significant benefit of Irrevocable Trusts is that the assets within the trust are no longer considered part of your personal assets. This provides protection for the funds from creditors or legal claims.