Articles

Living Trust

Many people think of a living trust much like a will. However a living trust is much more than that. A good living trust will do so much more than protect your estate and family after you are gone: it will protect you while you are alive.

As you may already know, a living trust is one estate planning option that is very common these days. One reason for this is because many people are afraid that their estate will be locked into a long expensive probate court proceeding after their death.

So, as a result many couples are changing their estate plan from a simple will to a revocable living trust. Every estate is different, and every attorney’s methods are different, however, there are many details that stay the same from estate to estate and knowing as much as possible can only help you in preparing your estate and your living trust.

A living trust is also known as a revocable living trust or a family trust and it is a legal document that holds title or ownership to your real property and assets. When you create a living trust you transfer ownership of your assets to the trust.

To many, the living trust looks a lot like a will. It includes the details and instructions on how you want your estate to be handled at your death. However, unlike a will a properly funded living trust:

• Does not go through probate.

• Prevents the courts from controlling your assets at incapacity.

• Gives you control over the assets you leave to your minor children or grandchildren.

When the assets are in the name of the trust there is no need for probate since the estate is now controlled by the successor trustee of the trust. You or you and your spouse can be the primary trustees receiving full control to buy, sell, borrow or transfer in the case of a spouse's death. After both spouses pass, the trust identifies the person who will act as successor trustee.

A living trust is one of the best documents you can have when preparing your estate plan. Whether you have already begun preparing your living trust, or are just now considering it, you can learn more about living trusts by following the links below:

Revocable Living Trust
Learn about the revocable living trust and how it one can be beneficial.

Benefits Of A Living Trust
Find out what the many benefits of a living trust are, including those that are specific to estates worth over $1,000,000.

Disadvantages Of A Living Trust
There are a few disadvantages of a living trust that you should be aware of. Learn more about them here.

Creating A Living Trust
Learn about creating a living trust. Gives a small overview of what goes into a living trust, as well as a few other considerations.

Register A Living Trust
Some states require living trust registration, and you need to be aware of which states have a requirement, as well as how thoroughly they enforce this rule.

A-B Married Trust
The A-B married trust is a way to protect assets within a marriage. Read more about it here.

Problems With A Living Trust
There are some problems that can arise with a living trust, based mainly on misinformation. Learn what the most common problems are with a living trust and how to avoid them.

Who Needs A Living Trust
Learn who should have a living trust and why.

In Charge Of A Living Trust
There are many people involved in a living trust throughout the process. Learn here who these people are, as well as what their roles are.

Control Of Assets In A Living Trust
Learn here who has control of assets in a living trust. You will also learn how much control each person has and when they are given that control.