A living trust is a way of managing the assets of an estate that allows for easy transition after the creator of the trust has passed on. While creating a living trust can simplify the organization and distribution of assets down the line, setting one up is a somewhat complicated process. Working with an experienced attorney to create the needed documentation will ensure things are done correctly and that the trust is designed exactly as you wish.
There are three ‘persons’ involved at the creation of a trust. They are –
• The Settlor or Grantor who actually creates the trust
• A Trustee who manages the trust and its assets
• A beneficiary, or beneficiaries, who receive the benefit of the property administered in the trust
It is quite common for the settlor and the trustee to be the same person when the trust is established. After that person (or persons) are deceased, the successor trustee assumes control and distributes the property according to the specifications of the trust. There will not be a need for probate in this case, however a will is still needed.
In order to establish a trust, there must be at least something of value placed in the trust, although there is no monetary minimum. Many assets are eligible for placement in the trust, but not everything will be permitted. A living trust is so named because the trust is ‘alive’ and can be edited or updated as desired.
If you are interested in establishing a living trust, contact us today for a free consultation. Attorney Ted Williams is experienced in the process of creating trusts and will help you get all of your documents in order. Don’t put off this important planning tool any longer – give us a call and get started right away.