Living Trust Attorney

Firstly, what is a trust "living"? Basically, a living trust is a legal entity that you can move your assets for various reasons, including to avoid probate after your death. Also, if you want the assets in your living trust can be controlled by another person. The person establishing the trust is called the grantor or the trustee and the person who can control the trust is the trustee. A third person may be involved, the beneficiary, if the assets are managed on their behalf.

The exhibition "Party" means the trust is in effect while the grantor is still alive, which makes it different from a trust created with a will at death. Because the grantor is still alive, they have control over the trust and can revoke the agreement at any time. Sometimes, the term "revocable living trust is used to reflect this reality.

It's actually pretty common for the settlor, the trustee and the beneficiary to all be the same person. You can establish a trust for your own property, be your own trustee and then use these assets to pay your bills (what makes you the beneficiary). For a married couple, the husband and wife can be co-trustees of a trust of life.

People may be wary of living trusts because they think they are giving away their property and lose control. The assets will no longer legally in their name, but they are still in control of the trust.

A living trust agreement must include details on how to proceed if the trustee pass, and also have a final plan for the distribution of assets. A trust can control and continuity in what you can keep the same confidence after your death to manage and distribute your assets.

If your assets are placed in trust while you are alive, they may still be given to your beneficiaries outside of probate upon your death, thereby saving considerable time and money to your estate. This does not mean a living trust is the right answer for everyone. There are other ways to avoid probate as well.

As mentioned, the grantor can change the trust at a time when it is implemented as a revocable living trust. There is such thing as an irrevocable living trust (usually used for tax purposes) where you will not be able to revoke the trust once established. Make sure your lawyer knows that you are interested before continuing.