Living Trusts

Living or Revocable Trusts:

  • Avoid probate.
  • Avoid the delay caused by probate and save your family money which would have otherwise been spent on attorney's fees and court costs in most cases.
  • Name a Trustee to manage assets in the event of incompetence unlike a Will.
  • Can accomplish estate tax planning to avoid estate tax without probate.
  • Can ensure that assets remain under someone's control for the benefit of your child or other beneficiary for specified period of time after your death.
  • Can protect assets in a second marriage without Probate.
  • Decrease likelihood of the Court's appointing a Conservator in case of incompetence.
  • Are almost always far less expensive to administer than a Will because the assets in the Living Trust avoid probate.
  • Usually distribute the assets to family members or other beneficiaries much more quickly than a probate estate.
  • Do not require ongoing fees.
  • Do not make you see your attorney more often.
  • Can allow for detailed custom planning particularly if you become incompetent.
  • Can now easily protect assets of husband and wife in certain situations through a Qualified Spousal Trust.