Living Will And Trust

A living trust is a trust established during your lifetime.

Living will and trust.

A living trust at least theoretically provides for a smoother transition of management and ownership of property. With a trust you initially serve as trustee and manage the property. It is revocable which allows for you to make changes. It is called a living trust because it is created while the property owner or trustor is alive.

A revocable living trust is a written agreement designating someone to be responsible for managing your property it s called a living trust because it s established while you re alive. When handled through the living trust it isn t. If you become. It s revocable because as long as you re mentally competent you can change or dissolve the trust at any time at your own discretion for any reason.

You cannot do this with a will however you can also make a durable power of attorney to appoint someone to manage your finances. A living trust helps you skip probate costs but still comes with attorney fees any property given through the last will and testament is subject to probate. This property is typically invested and spent for the benefit of the beneficiary typically the trust maker the person who created the trust at least during their lifetime. A living trust takes more time to set up.

Like a will a trust will require you to transfer property after death to loved ones. A living trust can t appoint a guardian for your children. In a living trust you can name your spouse partner child or other trusted person to have authority over trust property if you become incapacitated and unable to manage your own affairs. A living trust is a legal entity created by individuals to hold and own their assets after they transfer them into the trust s ownership.

Only a will can do that.