Benefits of a Living Trust
A well-drafted living trust directs how others will manage your assets in the event that you become incompetent.
It can protect the assets you intend to leave to your loved ones from unscrupulous individuals and creditors.
It should provide the distribution of your assets in the event of your death.
It keeps your affairs private–no public documents need to be filed with the court.
It provides for outstanding savings in post-death taxes and administrative costs.
Revocable Living Trust
A revocable living trust is a legal document that allows you to direct how you want your assets to be distributed when you pass away, while allowing you to maintain control of those assets during your lifetime.
A living trust works by having you transfer the title of all of your assets from yourself, an individual, to yourself as trustee of the trust.
As the trustee, you manage the assets of the trust during your lifetime for the benefit of the beneficiary, which is you. This allows you to maintain control of your assets and upon your death, a successor trustee that you appoint takes over the management of the assets for the benefit of the beneficiaries that you named in your trust.
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