Living Trusts

Also known as a revocable living trust, living trusts convey your wishes for the handling and division of your assets. Similar to a will, it can also be used to plan for future financial matters should it become necessary. Unlike a will, however, living trusts avoids probate and the associated court-costs. Your financial information does not become a matter of public record, giving you and your family privacy and protection.

Living trusts are excellent estate planning tools, giving the grantor full control over the assets and ability to cancel or amend the trust until they die. When setting up your trust, you should discuss with your financial advisor the transfer of all or most of your assets that would otherwise be probate assets. Additionally, any assets acquired in the future should be evaluated for inclusion in the trust. Once the grantor dies, the assets in the trust are distributed under the terms of the document. By naming the bank your successor trustee, you can ensure unbiased financial accountability, asset protection and trust disbursement. Additionally, having an independent third party avoids family conflicts when choosing one person over another.

Living trusts are very important for single people as they set forth how to manage your assets in case you become incapacitated, thereby avoiding the need for a guardianship to be established.