Living Trusts

What is a Living Trust?

When you create a living trust, you are taking your assets out of your name and placing them into the trust. You retain control over the trust as long as you live and can make changes to the terms whenever you like. When you die, a Successor Trustee will take over the management of your trust and distribute your assets to your beneficiaries as stipulated in the terms of the trust.

A living trust does not go through probate; therefore, you can avoid the time and expense involved in the probate process that is inescapable with a will. You will avoid probate fees.

Is a Living Trust Better than a Will?

Depending on your station in life and financial situation, a living trust may be a better option than a will. However, they are not for everyone. Living trusts are ideal for older people with an estate that consists of few major assets which are easily transferrable to the trust.

In order to reap the benefits of a living trust, you must place all of your assets into it. If you have any assets outside of the trust, your estate must go through probate.

If your finances are more complicated or if you are constantly moving your assets around, a living trust is not the best option for you. In this situation, you are better off with a traditional will.

Read about Living Trusts vs. Wills

The attorneys at Saidis, Sullivan & Rogers can help you draft a living trust that will protect your assets and help you avoid costly probate fees. Please contact one of our estate planning lawyers today to schedule a consultation.