A living trust (sometimes called a “revocable” trust) is a written legal document through which your assets are placed into a trust for your benefit during your lifetime and then transferred to designated beneficiaries at your death by your chosen representative, called a “successor trustee.”
- A Living Trust does not go through probate, which often means a faster distribution of assets to your heirs.
- A Living Trust is written so that your trustee can automatically jump into the driver’s seat if you become ill or incapacitated.
- A Living Trust is not made public, and upon your death, your estate will be distributed in private. A Will, on the other hand, is public record, so all transactions will be public as well.
- One of the primary uses of trusts is to protect your property even after it becomes someone else’s estate. You can use a trust to parcel out the money as you see fit. The trust can be parceled out a little bit each year for some duration, and then a final lump sum at a designated age.