Introduction

Most individuals do not plan to fail; they just fail to plan. The answer to a sound estate plan and peace of mind for you and your heirs is very simple; a Living Trust (instead of a typical Will) and an organized estate. The Living Trust becomes, in effect, your Will and it specifically spells out to whom, and when your assets are to be distributed. Why not take a step towards planning for your future by establishing a Living Trust to save what you have worked so hard to create?

Simply stated a Living Trust is just that – a Trust that is a living document providing many advantages to you not only while living but after you pass away as well. The Living Trust specifically spells out to whom, and when your assets are to be distributed.

Having a Living Trust means that you do not hold title to anything; since your assets are inside the Trust, the Trust holds title to everything. However, even though you have relinquished ownership of your assets, you still retain control of those same assets. As the trustee of your Trust, you continue to have the same power to buy, sell, transfer, borrow, and do whatever you wish with “your” assets. Your control of those assets is no different on the day after you put them into the trust than on the day before you put them in the Trust. The significance of you not “owning” anything becomes very important when you ultimately die. Upon your death, since you have nothing in title in your own name, there is nothing to probate. If you are married, the surviving spouse typically becomes the surviving trustee and, as such, continues to have the same power to buy, sell, transfer, or do whatever is desired with those assets. Upon the death of the surviving spouse, the same situation applies as before.

Why Should I Have A Living Trust?

A living Trust eliminates the need for you heirs or surviving spouse to be subjected to the agony and unnecessary cost of probate/succession; a Living Trust provides the entity to ensure that you either pay no estate and inheritance taxes or at least minimize those taxes. In addition, a Living Trust establishes the means to provided for you needs in the event that you become incompetent; it provides the entity for the support and education of the minor children; it creates a vehicle to indirectly care for a handicapped child without jeopardizing his or her government benefits; and a Living Trust assures what ALL people want-Privacy of their financial affairs. Today, many young adults are deciding that a Living Trust for their mom and dad is a cost-effective way to preserve their own inheritance.

A Living Trust is the key to:

• Avoids the agony and unnecessary cost of probate
• Provides the entity to ensure that you either pay no estate and inheritance taxes or at least minimize those taxes.
• Establishes the means to provide for you needs if you become incompetent
• Eases the transition of ones passing
• Provides the entity for the support and education for your minor children
• It creates the vehicle to indirectly care for a handicapped child without jeopardizing his or her government benefits.
• Preserve the family’s estate
• Assures the Privacy of financial affairs and keeps your private life out of the public