What Is A Living Trust?
A living trust simply means that the transfer of property and assets to the trust fund is done while you are still living. In other words, you are planning ahead for specified parts of your assets and estate to be distributed to beneficiaries that you have chosen. Until you pass away, the assets are managed under a set of rules that you have dictated by a trustee that you have chosen. All of the planning and managing is done ultimately for the benefit of the beneficiaries. Upon your death, they will receive the assets in a predetermined way.
A living trust can offer many benefits to its creator including the ability to:
- Control who receives your assets after you die
- Help your beneficiaries avoid probate-related expenses
- Provide privacy
- Help avoid certain estate taxes if they are prepared and funded properly
The two types of trusts include:
Revocable living trust: With a revocable living trust, you transfer your assets into the ownership of the trust. You retain control of those assets as the trustee of your revocable living trust. You can change or revoke the trust at any time. The assets in your trust pass directly to your beneficiaries without going through probate upon your death.
Irrevocable living trust: An irrevocable trust allows you to permanently give away your assets during your lifetime. After you give away these assets, you have relinquished all control and interest in these assets.
Opinions vary on the best reasons and methods for using these two types of trust funds. Our attorneys can present the options to you and help you determine what is the most effective for your situation.
At The Law Offices of Justin M. Gilbert, we have the experience to help you properly value your estate and your assets. We are committed to distributing your assets according to your wishes in an efficient manner. We want your beneficiaries to receive the assets as quickly as possible. Let us partner with you to help you make these decisions in the way that is beneficial for you and your family.