An Introduction About the Living Trust
What is a living trust? It is a legal entity that you can move your assets for various reasons, including avoiding probate after your death. The person setting up the trust is called the author or trustor, and the person who can control the trust is the trustee. A third person may be involved, the beneficiary, if the assets are administered for their benefit.
It is quite common for the settlor, trustee, and beneficiary to be the same person. You can get more details about living trust through https:familytrustsandwills.com/living-trusts.
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You can establish a trust for your assets, be your trustee and use these assets to pay your bills (which makes you the beneficiary). For a married couple, the husband and wife can be co-trustees of a trust.
People can be wary of living trusts because they think they are giving away their assets and losing control. The assets will no longer legally in their name, but they are still in control of the trust.
An agreement should include details on how to proceed if the trustee will, and also a final plan for the distribution of assets. A trust ensures control and continuity that you can continue the same trust after your death to manipulate and distribute your assets.
If your assets are placed in trust while you are alive, they can still be your heirs outside of your death on the approval, which will save much time and money to your estate. This does not mean a living trust is the right answer for everyone. There are other ways to avoid probate fees as well.
As mentioned above, the settlor can change the trust at any time when it is configured as a revocable trust. There is such a thing as an irrevocable trust of life (usually used for tax purposes) where you will not be able to revoke the trust once established. Make sure your lawyer knows that you are interested in before continuing.