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What is the purpose of a living trust?

The purpose of estate planning is to assure that your wishes are met with regards to your property and assets at the time of your death. Unfortunately, all too often people do not properly plan ahead and all too often the assets get tied up in probate.

One viable option that many people consider is that of a living trust. Living trusts are designed to help protect a person's assets and allow things to be exchanged while the trustor is still living. These types of trusts are also referred to as a revocable trust, as it can be revoked at any time per the wishes of the grantor. The terms of the living trust will be broken down and explained through the deed, called a "declaration of trust." The information contained within will be the legal obligation of the trustee and trustor.

One common reason for considering a living trust is so that your estate does not go to probate after your passing. Probate can be lengthy and expensive. Although a living trust can also be time consuming and confusing, it is still preferred by many over probate.

As you begin to plan out your trust & probate administration, it would likely be in your best interests to find a strong dedicated firm familiar with estate planning. Have a legal team of professionals to work you through the intricacies of estate planning, trust and probate may seem to be an unnecessary step, but doing it right can make all the difference in the world when the time comes. Protecting your assets and your best wishes for your assets after you are gone are too important to take lightly.

Source: findlaw.com, "Living Trust Information," Accessed June 18, 2017

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