Living Trusts

A revocable trust, inter vivos trust, or living trust is a legal instrument that partially substitutes for a will. Living trusts are created primarily to help you and your love ones avoid formal probate and can be a very useful instrument to help you manage your assets without court involvement in cases where you cannot manage your assets, such as in times of illness or incapacity.

A living trust works by placing your assets (home, rental properties, and stock investments, for example) into the trust. In almost all living trust arrangements, you name yourself as the trustee in charge of managing your assets for your benefit during your lifetime. You manage your assets and household as you would before creating the living trust agreement.

After your passing or upon some condition you may specify when you create your trust, such as when you become unable or unwilling to manage your assets, your designated successor trustee takes over management of your trust estate. You would have chosen a successor trustee when you created your living trust. If you have made provisions to transfer assets to beneficiaries after your passing, the successor trustee will be responsible to see that your wishes are met.

The benefits of establishing a living trust are numerous and include the following:

  • You will avoid probating your entire estate in Superior Court.
  • Depending on the size of your estate, a living trust may be less costly than probating your estate, since probate attorney’s fees are based on a percentage of the gross value of your estate at time of death.
  • Actions taken in a living trust are generally non-public matters handled outside of court. Actions taken in probate court are public record and may be viewed by the public.
  • A living trust will prevent disruption of running your household in the case of your incapacity.
  • You will be able to leave instructions to your successor trustee about how to manage your estate in case you cannot manage your estate yourself.
  • You will have the ability to amend any terms of the trust, including gifts and successor trustees, or you can revoke the trust entirely while you are still living.

Proper planning is essential. Our mission is to work together with you by first determining your individual needs, values, and dreams for the future and then providing you with ideas to help you create your own unique plans that fit your needs.

Don’t Put Off Making Your Estate Plan! Call our office Today!

Need Help? Send us a message today!

[lexicata-contact-form]