Living trust forms are sometimes used by individuals to prepare a trust all by themselves. We encourage you to call us and take advantage of our free phone consultation before attempting to set up a trust all by yourself.
A living trust is one of the two main ways to avoid probate. One of the purposes of probate is to determine who receives the property you leave at death. Since the trustee of your living trust already manages that property, there is no need for probate.
Revocable living trust forms can be complex for a non-lawyer. A revocable living trust is preferred by many families and professionals. It can avoid probate at death (including multiple probates if you own property in other states), prevent court control of assets at incapacity, bring all of your assets (even those with beneficiary designations) together into one plan, provide maximum privacy, is valid in every state, and can be changed by you at any time. It can also reflect your love and values to your family and future generations.
Unlike a will, a trust doesn’t have to die with you. Assets can stay in your trust, managed by the trustee you selected, until your beneficiaries reach the age you want them to inherit. Your trust can continue longer to provide for a loved one with special needs, or to protect the assets from beneficiaries’ creditors, spouses, and irresponsible spending.
When you move assets to a revocable trust, you provide direction for their use after you die, usually without going through probate and usually with privacy. As soon as you die, a properly set up revocable trust will become an irrevocable trust, and the trustee will manage it. Thus, a revocable trust can become a partial substitute for a will, ensuring some privacy for the family.
A living trust is more expensive initially than a will, but considering it can avoid court interference at incapacity and death, many people consider it to be a bargain.
We would love to talk with you. Please contact our law firm directly and we will be happy to offer you a complimentary phone consultation.