What Is a Living Trust?
A living trust is a legal document that designates a trustee to manage assets for the beneficiary while the grantor is still alive. Trustees with fiduciary duty manage trusts according to the beneficiary's best interests. Living trusts can be either irrevocable or revocable.
There are two basic types of living trusts: revocable and irrevocable. Both allow you to assign your assets to specific heirs or organizations. When you die, the assets will go to them as instructed. In this way, living trusts are similar to wills, however, the property going through probate court (which can be expensive and time-consuming) will be given to the trustee you assign who will designate the assets according to your wishes. A living trust can be solved in just a few weeks, contrary to a will which can take months or even years to conclude.
A qualified estate planning attorney can evaluate your situation, determine whether or not you should have a trust, and help you set one up.
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