A living trust provides lifetime and after-death property management. If you are serving as your own trustee, the trust will provide for a successor upon your death or incapacity. The benefit to this is that court intervention is not required and legal costs are not incurred.
Living trusts are also used to manage property. If a person is disabled by accident or illness, the successor trustee can manage the trust property. As a result, the inconvenience, time and cost of a court supervised distribution of your estate can be avoided. When it comes to helping protect and manage your assets, a trust may be one of the most flexible tools available.
Key Benefits of Trust:
- Potentially reduce income and estate taxes
- Maintain confidentiality. Help protect the inheritances of your children
- Help ensure that your assets are distributed the way you intended
- Avoid the cost, time and publicity of probate
- Help provide security for your family after your death
Generally, trusts enable you to pass your assets to your heirs in quick and efficient manner outside of probate. Probate is the legal process of distributing wealth after death, pursuant to a decedent will and is often very time consuming and costly.
A Revocable Trust or Living Trust is a flexible instrument you can change or dissolve at any time. Benefits of this type of trust are continuous management of assets and the avoidance of probate.
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