What is a Living Trust?
It is a written legal document that partially substitutes for a will. With a living trust, your assets (your home, bank accounts and stocks, for example) are put into the trust, administered for your benefit during your lifetime, and then transferred to your beneficiaries when you die. Your estate avoids probate. Most people name themselves as the trustee in charge of managing their trust’s assets. This way, even though your assets have been put into the trust, you can remain in control of your assets during your lifetime. You can also name a successor trustee (a person or an institution) who will manage the trusts’ assets if you ever become unable or unwilling to do so yourself.
The most common living trust is revocable. Such a trust may be amended or revoked at any time by the person or persons who created it (commonly known as the trustor(s), grantor(s) or settlors(s)) as long as he, she, or they are still competent.
Your living trust agreement:
- Gives the trustee the legal right to manage and control the assets held in your trust.
- Instructs the trustee to manage the trust’s assets for your benefit during your lifetime.
- Names the beneficiaries (persons or charitable organizations) who are to receive your trust’s assets when you die.
- Give the guidance and certain powers and authority to the trustee to manage and distribute your trust’s assets.
The trustee is a fiduciary, which means he or she holds a position of trust and confidence and is subject to strict responsibilities and very high standards. For example, the trustee cannot use your trust’s assets for his or her own personal use or benefit without your explicit permission. Instead, the trustee must hold trust assets solely for the benefit of the trust’s beneficiaries.
The Living Trust Services We Provide Include:
- An analysis of your need for a trust.
- The type of trust that best suits your needs.
- Preparation of single living trusts and joint living trusts for married persons
and domestic partners
- Preparation of Pour-Over Wills
- Preparation of Durable Powers of Attorney for Asset Management
- Preparation of Advance Healthcare Directives
- Preparation and recording of Trust Transfer Deeds