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Living Trusts

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Living trusts can make the passing on of assets more streamlined and keeps you in control of your assets, during your lifetime. 

They are referred to as Living Trusts, because they are made while you are living. The Settlor (the person setting up the trust), can remain in full control of their assets during their lifetime, by being the Trustee of the trust (or jointly with a spouse if desired). The trust spells out who is entitled to what assets upon death, and who would be the successor trustee (the next trustee upon the death or incapacity of the original trustee).

With a revocable trust, assets can be pulled out of or placed in the trust during your lifetime. The beneficiaries can be changed during your lifetime, but upon death, the trust becomes irrevocable. Without a trust, all the assets would have to go through probate, even if there is a will. This can be an expensive and time-consuming process. With a trust, real estate can be sold immediately by the successor trustee, whereas, without a trust, the property could be tied up for months or longer, while taxes and insurance continues to come due.

A trust can also determine how your beneficiaries receive your assets. You can have it paid over a period of time, to ensure your children or grandchildren do not spend all the assets at once.

You can learn more at our dedicated Trust Site, or even begin the process to create your trust.

 

 

Request our Living Trust Package