How Do Living Trusts Work?

When you set up a trust, it is recommended that you do so with the help of an experienced estate planning lawyer. An estate planning lawyer can assist you with determining your individual estate planning goals and how these connect to the type of trust you select.

When you choose a living or revocable trust, this gives you flexibility over your future use of this estate planning vehicle. When you put assets inside a living trust, you continue to access those assets as needed. You can select an appointed person known as a trustee to serve as the manager of your revocable trust if you become unable to manage your affairs or if you pass away. The trustee would then follow any terms you have already outlined in the trust document.

Assets that are named and then funded into your living trust, meaning they have been retitled into the trust management, are distributed to your beneficiaries according to your wishes. Usually this is done without having to go through probate and that is one of the biggest advantages of using a living trust. The probate process can be costly and time intensive.

When you choose a revocable living trust, the distribution of your assets from that trust is kept private. This is most helpful if you have people in your life from whom you would like to shield the details related to your estate. Talk to your estate planning lawyer about the opportunities available with using a living trust to your benefit. A NH estate planning lawyer can guide you through the important questions of what to consider.



Tags: No tags

Add a Comment

Your email address will not be published. Required fields are marked *