For many people, Simple Wills are no longer simple solutions. In recent years, many individuals and couples have chosen Living Trusts as an alternative to the traditional Simple Will. These are sometimes referred to as "revocable trusts" or "inter-vivos trusts". Living Trusts can have several advantages over Wills, including probate avoidance, avoiding guardianship, maintaining liquidity, and privacy maintenance.
Living Trust documents can be created and changed at any time and you can transfer all of your assets to the Trust, but continue to use and manage them during your lifetime. After you die, your trustee will transfer ownership of the assets to the beneficiaries named in the trust.
An important benefit of Living Trusts is the speed with which your property can be transferred to your heirs after your death. In addition, a Living Trust is private. Only you, your trustee, and your beneficiaries will know the value of your trust property, how it is to be distributed, and the names of your beneficiaries.
At DeLaney Law Offices Ltd, we can help you decide whether a Living Trust is appropriate in your personal circumstances and draft a Trust document that meets your specific goals.
Some benefits of a Living Trust are summarized below, and further explained in the paragraphs which follow.
- Avoid Probate
- Revoke or Change at Any Time
- Quicker Distribution of Property to Beneficiaries
- Reduce or Eliminate Estate Taxes
- Increase FDIC coverage
- Protect Privacy
- Plan for Incapacity
- Protect minors, special children, and other dependents