What is a living trust?
A living trust is an entity, much like a company, that is formed by way of a “Declaration of Trust” which is a document that consists of several pages which directs how you want your affairs, including during life and estate affairs, to be handled. Your assets (not always ALL assets) get transferred to the trust so that the trust “owns” the assets, and through the Trust, you control the assets just like you always have, but you do it as Trustee of your Trust.
Types of Trusts
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Revocable Living Trust for Singles or Couples, which can include any number of the following sub trusts:
- Marital Deduction Trust
- Credit Shelter Trust
- Supplemental Needs Trust
- QTip Trusts
- Survivor's Trust
- Decedent's Trust
- Descendant's Trust
- . . . and more
- Retirement Trusts (for Stretch IRA planning)
- Asset Protection Trusts
- Pet Trusts
- Charitable Remainder Trusts
- . . . and much, much more
A living trust will help you avoid probate altogether. Since the Trust will own your assets (but this doesn’t change anything about how you manage your affairs) when you pass, your Successor Trustee will have control over all of the assets owned by the Trust. All assets owned by the Trust do not have to pass through a court proceeding known as “Probate,” and this saves time and money in the management of your estate after you pass. It also keeps things out of the public eye because when an estate has to be probated, it becomes a matter of public record. A trust expresses your wishes as to your assets, allows you to say who gets what and when they get it and MUCH more.
Other Important Documents:
- Power of Attorney Documents for Healthcare, Mental Healthcare, and Financial affairs
- Organ donation planning
- Living Will/Advanced Healthcare Directive
- Funding documents for transfering assets into a trust
- Disposition of Remains instructions and/or planning
- Internet passwords and information
- Personal Property Dispositions
- Nomination of Guardian for minor children
- . . . and more
Newly Divorced?
Newly divorced couples require newly developed estate planning, specifically when there are minor children involved. We can create an estate plan to help you protect your legacy and preserve it for your children.
