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A living trust is a written legal document that substitutes a Will. When you have a living trust, your assets such as your home, bank accounts and stocks are put into the trust that you manage during your lifetime and later transfer to your beneficiaries when you die. Those who manage a trust's assets are called the trustee. Trustees can be spouses, relatives, friends or qualified corporations.
A living trust is a written legal document, similar to a will, which allows a person to manage his or her assets and property and distribute them after he or she dies. Unlike a will, however, a living trust is not made public and it typically helps the owner of assets avoid probate.
In a living trust arrangement, the person creating the trust (called the "settlor") will put his or her assets such as property, bank accounts, stocks, etc., into that trust so that they can manage all assets during their lifetime. The trust will outline what is to happen with all assets once the trust owner dies. The trust will also name a trustee, or manager of the trust, to help distribute all assets to the named beneficiaries. The trustee may be a friend, relative, spouse, qualified professional or company, and their main job is to see to it that the living trust is executed properly after the settlor dies.
Living trusts are not under court supervision, which means in some cases, a trustee may be able to take advantage of you. The costs of preparing a living trust could be higher than drafting a will. Living trusts can also create additional paperwork. Lenders may not lend a trust and could require that real property be taken out of the trust before agreeing to a loan on that property.
Living trusts are complex legal documents that should be written carefully as they are not under court supervision. A living trust lawyer can help prepare your trust and will advise you on what is best for your particular situation. Will and Estate Planning lawyers can help you with all of your estate planning needs, including any issues or complications that arise with your living trust. A trustee may be able to take advantage of you or your beneficiaries might dispute your arrangements. A lawyer will help ensure your wishes are protected and your living trust is adhered to.
An estate planning lawyer can help you prepare a living trust. Estate planning lawyer can give estate planning advice and let you know what's best for your particular situation. Estate planning lawyers understand the complex legal issues that can come about with living trusts.
Attorney Search Network can help you find estate planning lawyers in your area. Contact Attorney Search Network for an estate planning lawyer referral today and get started on establishing your living trust.
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