Living Trusts Overview

Quick Overview of Living Trust Law

The Living Trust, as it is commonly called is, in fact, an Inter Vivos Trust which means the trust will exist only during the lifetime of the Trust Maker (Trustor). There is an exception to this lifetime provision when the trust is continued after the death of the Trustor for the benefit of one or more beneficiaries (heirs) by reason of age or other conditions.

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Why Should I Have A Living Trust?

There are several reasons why a Living Trust is essential to good estate planning. However, the single most important reason why someone should have a Living Trust is to avoid probate! A Living Trust eliminates the need for your heirs or surviving spouse to be subjected to the agony and unnecessary cost of probate. A Living Trust further provides the entity to ensure that you either pay no estate and inheritance taxes or at least minimize those onerous taxes.

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How The Living Trust Works

A Living Trust means that you do not hold title to anything; since your assets are inside the Trust, the Trust holds title to everything. However, even though you have relinquished ownership of your assets, you still retain control of those same assets. As Trustee of your Trust, you continue to have the same power to buy, sell, transfer, borrow, and do whatever you wish with “your” assets. Your control of those assets is no different on the day after you put them into the Trust than on the day before you put them into the Trust. While you remain in control of those assets, remember, the Trust now owns them.

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It’s Your Choice

Now that you are somewhat familiar with what a Living Trust is and how it works you now have a choice to make. You can either do nothing or you can have a Living Trust prepared specially for you and all necessary documents. Think for a moment about what you would leave behind if suddenly something happened to you tomorrow. Would things be simple for your family or heirs or would a myriad of problems arise for them? The choice is yours. Call for a free consultation: (858) 277-0232