LIVING TRUSTS
A Living Trust is a testamentary instrument that serves a similar function to a will. As with a will, you can pass your estate onto those you choose. There are many advantages to this such as the avoidance of probate, the ability to revoke the trust at any time (revocable trusts), and the reduction of various taxes.
Living Trusts can also be used to maintain financial privacy. Unlike living trusts, wills have to be probated in a court. And these records are public. With Living Trusts, the transactions are private so long as they are not disputed and brought into a courtroom.
Living Trusts can also be used to plan for certain events such as a severe disability or incapacity. Living Trusts can also be used to set up property management.
Did You Know?–There are many different types of trusts, one of which is called the Living Trust.
