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Living Trusts and Wills

A Living Trust:
· Has become almost synonymous with your Estate Planning.
· Is a private contract between the person(s) creating it and the person or entity they have chosen to be their Trustee.
· Is private since no court intervention or formal legal entity is involved in authorizing, creating or overseeing its operation.

Living Trusts Are Not Just For The Wealthy
It's a common misunderstanding that Living Trusts are only utilized by the wealthy. But regular people can actually benefit by creating a Living Trust.

You may assume that your assets are too modest, or that you have plenty of time to make arrangements for events that are still years away. But even if you possess a small estate, a Living Trust can be a valuable estate planning tool. By laying a foundation for the future now, you'll be protecting yourself, your family and your property.

What Is Probate?
Probate is the process by which the State takes control of the property of someone who has died and decides what to do with it. The probate process, under certain circumstances can be expensive and time consuming. The main expenses are attorney, executor, appraisal and court filing fees. Probate may take as little as four months, but in some instances will take two or more years and that's if everyone gets along.

What is a Revocable Living Trust?
It is a tool that lets you control your property and keep it out of probate, even after you are gone. It also prevents the court from controlling your assets if you become incapacitated through guardianship proceeding.

Advantages
Avoids Probate Assures Maximum Privacy
Allows Rapid Distribution of Assets From One Plan Can Reduce or Eliminate Estate Taxes
Easy to Establish & Maintain Revocable During Your Lifetime
Very Affordable Difficult to Contest

More about Living Trusts & Wills

 

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