A Living Trust, sometimes referred to as a Revocable Trust, is a legal creation that can give you the flexibility of being able to change your mind whenever you want, while simultaneously providing the finality of an all encompassing estate planning document.
Plus, it offers some excellent advantages. For example:
- It saves money–In the long run, the trust is less expensive than the alternatives because it avoids probate.
- You remain control– You retain complete control of your assets, and you can change how the trust is administered, what assets it includes, etc.
- Your estate settles faster–Rather than the 2-3 years that probate can take to address everything, it can take as little as 2-3 weeks to fully distribute the trust.
- Trusts are private– Probate records are public, whereas a trust remains private.
- No addtional government forms to file– In terms of tax implications, for example, a grantor trust (where you retain control over it, as opposed to an irrevocable trust) doesn’t file a separate tax return, it is simply completed on your same 1040 Individual Tax Form.
Find an experienced Estate Planning Attorney in your area today to discuss how a Living Trust would benefit your Estate Plan.
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