Everyone needs a Living Trust. See the benefits:
A lengthy process, sometimes lasting several years, which can take up to 10% of your estate’s value. A living trust allows property to avoid probate and to quickly and efficiently pass to the beneficiaries you name, without the hassles and expense of lawyers and probate court proceedings.
Unlike a will, a living trust does not have to be registered with the court in most states. It remains confidential and your financial affairs do not become a matter of public record.
If for any reason you become incapacitated, a living trust lets you hand over the assets owned by the living trust to someone else. The trust becomes irrevocable, which means no one can make changes to it.
There are estate tax benefits for your spouse; solves the problem of estates that have much of their assets held up in real property, and are normally tied up in probate.
Living Trusts are just good old-fashioned common sense in estate and tax planning practice.
What is a Living Trust?
A flexible estate planning tool that can be used in three ways: whilst you are living, in the event that you become incapacitated and to direct how your property will pass after your death. The list of property types that can be held in your living trust is almost endless; your personal residence/ personal bank accounts/ jewelry/ intellectual property/ furnishings/ life insurance/ works of art/ collectibles, etc. It is called a “Living Trust” because it is operative while you are alive (as opposed to a will) and is a separate legal person in the eyes of the law.
How does it differ from a will?
Trusts and Wills have a number of similarities thus creating confusion. Both a will and a living trust allow you to set the terms for the distribution of your property after you die. The differences between the two, however, can be quite important. A will is a written document—signed and witnessed—that indicates how your property will be distributed at the time of your death. It is revocable and subject to amendment at any time during your lifetime. A living trust is a cost-saving device: in most states, it allows you to avoid the expense and delay of probate proceedings. Probate is the court procedure that validates a will and authorizes the transfer of ownership from a deceased person’s estate to the wills’ beneficiaries. You can use a trust for any size estate. A living trust protects your privacy; it remains confidential and your financial affairs do not become a matter of public record.
For more information on your Living Trust,
contact us at 1-866-411-2002