A Living Trust is a trust that is created during your lifetime. Placing your assets into a trust will cause those assets to transfer outside the probate system, and be transferred according to the trust document upon your death.
A Living Trust is a trust that is created during your lifetime. Placing your assets into a trust will cause those assets to transfer outside the probate system, and be transferred according to the trust document upon your death. During your life the trust can be revocable, meaning that you can change, amend, or even revoke it. Then, upon your death, the trust will become irrevocable and the trustee distributes the trust property according to the terms of the document.
A living trust can serve many other purposes in addition to avoiding probate. It can be used to choose beneficiaries, provide for the unexpected, and to achieve philanthropic goals.
At Taylor Siemens Elliott Creedy & Lyle P.C. we have considerable experience in establishing living trusts in conjunction with comprehensive estate plans for our clients. Call us today to discuss your estate planning options.
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