Why a Living Trust?
If you leave your estate through your Will, it must be probated
and does not avoid probate.
Convenience: If you don't want to handle the everyday
administration of your investments, your trustee can handle
all the details, including paying your bills, making your
investments, filing your tax returns and earning an income
on your assets for your support.
Privacy: Unlike Wills, which are made public after
death, trusts may remain private and are not a matter of public
record. Also real estate can be deeded and transferred with
Trust language in the deed itself so the Trust doesn't need
to be recorded in the Public Records.
Retain Control: Even if you transfer assets to the
trust, you still have control of the funds; you can appoint
yourself and/or your spouse to be trustee and manage all your
own investments, sales, etc.. However, you can if you desire
appoint a successor trustee to manage them for you if you
are unable to do so. You may also have the right to revoke
or alter the trust at any time.
Avoid Probate: While you are alive, if you transfer
your real estate and personal property, bank accounts, stocks
and securities into a revocable living trust, you can save
on after death probate expenses (which usually cost about
3% of your estate). While your trust still must pay for your
debts and expenses after death, there is little, if any, delay
for your heirs/beneficiaries.
|
