What is a Living Trust?

Get Information Living Trusts and Keep Your Assets Out of Probate

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When you’re in the process of researching Estate Planning, you will probably come across a term like Living Trust. This powerful Estate Planning tool allows you to protect your assets in that trust, and keeps it out of the hands of a probate proceeding.

A Living Trust, similar to a Will, allows you to transfer your assets into a Trust, in which you hold ownership to, and appoint someone as the trustee to manage that trust upon your death. As the owner of that trust, you have full control to change or cancel that trust at any time.

Living Trust Defined

A Living Trusts is a legal document that establishes how you’d like the assets funded into that Trust to be managed. Assets are transferred into a Trust, in a process called ‘funding’ and those assets are held in trust until you are ready to relinquish them, or when you pass away. How you’d like your assets distributed after your death, is managed by the person you appoint as you successor trustee.

Why a Living Trust?

Unlike a Will, assets in a Living Trust avoid the time and expenses associated with Probate. When your assets are put through Probate, your debt is paid and the distribution of your assets is supervised by the court system. When your assets are put through Probate, any debt and unpaid taxes are settled before any beneficiary can inherit anything. Probate is a court supervised process, which can be expensive. A person’s estate can get depleted paying for court and attorney fees associated with Probate.

Still want more information on Trusts? Download this free, no obligation report, “Living Trusts: Calculating the Benefits,” and learn

  • How a Living Trust is critical to special needs planning and ensuring your dependent minors are covered
  • How a Living Trust can help you avoid probate altogether, a legal process that costs both time and money
  • A Living Trust can erase any questions family members might have as to how your assets will be distributed – reducing the possibility of your wishes being contested

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Consider A Revocable Living Trust

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