9 Reasons Why You Should Consider A Living Trust
Clients often think trusts can do everything – as if they are magical creatures – the unicorn of estate planning. All their problems are solved because they have a trust. That may be the case, but it may not. Different trusts do different things.
Living trusts are often the topic of small talk at social gatherings or on the golf course, but not many people know what they actually do. They are “living” because they are created now, while you are alive. You sign it and it becomes an enforceable document. Your living trust can be revocable or irrevocable. A revocable trust can be revoked or amended by you. An irrevocable trust cannot be changed by you once it is signed. Because an irrevocable trust cannot be changed, you want to be extra careful to understand its terms. The vast majority of people will start with a revocable trust.
A typical estate plan includes a will that “pours over” your assets to a revocable trust. On your death, any assets in your name alone will become part of your estate. Your will then directs the executor of your estate to hand them over to the trustee of your trust to administer them.
For estate planners, this is where it gets fun. A trust can address many issues, depending on the trust language. Below are nine things you can do with a living trust.
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