Living Trusts

A Revocable Living Trust (RLT) is a legal document that enables you to leave instructions for who you want to handle your final affairs and how you want your assets distributed after you die. An RLT looks a lot like a will, but unlike a will, the trust does not go through the probate process in your state. That means you can appoint the person that will be responsible for managing your estate, it prevents the court from controlling your assets if you are declared incompetent, and it gives you (not the court) control over the assets in the trust that you leave to your minor children and/or grandchildren.

There are many benefits offered by using a living trust in your estate plan. Among them are the following:

• A living trust allows your estate to be settled without the expense and delay of the probate process.
• A living trust is versatile. The trust you establish is created to meet your needs and the needs of your loved ones. It can be changed or terminated at any time.
• A living trust allows your estate to be distributed quickly. The probate process can take months or years, while a living trust may take only days.
• A living trust allows heir’s incomes to continue uninterrupted at the death of the individual (grantor) who establishes the trust. Time lost waiting to settle a will could mean the loss of specialized care or financial strain for those depending on this income.
• A living trust reduces estate administration costs. Significant amounts of the deceased’s assets can be consumed by fees, taxes and other expenses through probate, leaving much less for loved ones.
• A living trust provides for continuous management of your assets in the event if incompetence or disability of the grantor.
• A living trust assures that your charitable planning is carried out in a timely manner.