Living Trusts
What is a Living Trust?
A living trust is a legal document that allows you to transfer ownership of your assets to a trustee, who will manage them according to your instructions. A living trust is also known as an inter vivos trust, which means "between living persons."
Benefits of a Living Trust
There are many benefits to having a living trust. Some of the most common benefits include:
Avoiding probate. Probate is the court process that is used to distribute your assets after you die. It can be a long and expensive process, and it can be made public. A living trust can help you avoid probate, which can save your family time, money, and privacy.
Providing for minor children. If you have minor children, a living trust can help you ensure that they are taken care of after you die. The trustee of your trust can manage your assets for your children until they reach the age of majority.
Protecting your assets from creditors. If you have creditors, a living trust can help protect your assets from being seized. This is because assets that are held in trust are not considered to be part of your estate.
Giving you more control. A living trust gives you more control over how your assets are distributed after you die. You can choose who your beneficiaries are, and you can specify how and when your assets are distributed.
Who Needs a Living Trust?
Not everyone needs a living trust. However, if you have any of the following assets, you may want to consider getting a living trust:
Real estate
Bank accounts
Investments
Retirement accounts
Life insurance policies
Collectibles
Any other assets that you want to protect from probate
How to Get a Living Trust
You can get a living trust from an attorney. The cost of a living trust will vary depending on the complexity of your estate and the fees charged by the attorney.
Conclusion
A living trust is a valuable estate planning tool that can offer many benefits. If you are considering getting a living trust, it is important to speak with an attorney or an estate planning professional to discuss your specific needs.