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What is a Living Trust?

Property and assets are owned by many types of legal entities -- individuals, partnerships, corporations and trusts. A trust is just a separate paper entity that is established by a property owner to leave assets to his or her beneficiaries. A trust is simply a "contract" between the property owner and the trustee.

There are many types of trusts in use: living revocable trusts, living irrevocable trusts, pure trusts, bankers trusts, family trusts, charitable remainder trusts, investment trusts, unit trusts, life insurance trusts, etc. Of all these Trusts, a Revocable Living Trust is one of the most popular and important Estate Planning documents in use today.

With a Revocable Living Trust, you transfer the title of any of your assets (such as a house) from yourself as an individual, to yourself as Trustee of the Trust. Then you, as the Trustee of the Trust, manage the assets of the Trust for the benefit of the beneficiary, which is you. In this manner, you keep complete control over the assets. Once you pass on, a Successor Trustee takes over the management of the assets for the benefit of the beneficiaries that you named in your Trust. Your assets do not have to pass through Probate because the assets are no longer titled in your name as an individual, but are now titled in the name of the trust. Upon your death, the Successor Trustee simply transfers your assets directly to your beneficiaries without the need for court or attorney's fees or costs.

With a Revocable Living Trust you keep complete control over your assets and ensure that your assets are passed to you designated beneficiaries without delay or unnecessary costs.


Advantages of Having a Revocable Living Trust

 

Avoid Probate.

  • Distribute Your Assists to Your Beneficiaries Quickly.
  • Reduce or Eliminate Attorney's Fees and Court Costs.
  • Reduce or Eliminate Estate Taxes.
  • Avoid Conservatorship if you Become Incapacitated.
  • Provides Privacy of for Financial Affairs and Decisions.
  • Inexpensive and Easy to Set Up.
  • Provide You Peace of Mind and Security.

For more information regarding Trust, please go to the Trust FAQs page.

 

Disclaimer
Nothing on this or associated pages, documents, comments, answers, e-mail, articles or other communications should be taken as legal advice for any individual case or situation. The information or responses in these pages are intended to be general and should not be relied upon for any specific situation. For legal advice, please consult with an experienced attorney.

 

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