Living Trusts

A Living Trust is an estate plan that manages your assets during your lifetime and efficiently passes your estate to your chosen beneficiaries after your death. A complete Living Trust estate plan should include a Trust, a Last Will and Testament ( often referred to as a Pour-Over Will, that acts as a safety net for any assets not titled in your name at your death), a Financial Power of Attorney, and a Health Care Power of Attorney.

AVOIDS PROBATE

Probate is the legal process that pays your debts and distributes your property to your beneficiaries. It exists because no one has the legal right to sign your name. Suppose you die or become incapacitated with assets in your name. A judge orders an executor or guardian with that authority. The problem is the system is not designed to handle everyone's estate can take years.

ORGANIZES AND CONTROLS

A Living Trust organizes lifetime management of your assets that you control, and you appoint a Successor Trustee that you trust to handle your estate independent of Probate Court. A Trust is easily amendable and is revocable, and can be adapted to laws of another state if you change your residence. Administration can take as little as a couple of weeks or months after your death.

AVOIDS RISKS

A Living Trust avoids numerous perils of jointly-held property. It can protect against loss of benefits or government reimbursement if a beneficiary acquires a disability before your death and provide creditor protection for beneficiaries. A Living Trust includes assets in all states and avoids multiple state probate. Notably, a Living Trust contains a No-Contest Clause.

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