Many people think that a will is the only, or best, way to pass property and money on to loved ones after death. The truth is, a will is just one option in a wide array of estate planning tools available to you. There are many benefits to using a living trust in estate planning, and Don Ho Law is experienced in evaluating your assets to determine the best estate planning package for your wishes and needs.
What is a Living Trust?
A living trust is a legal document which designates a person who will manage your property after your death, called a trustee, and people who will inherit your property, called beneficiaries. Any competent adult can be named trustee. Often, the creator of a living trust chooses to act as trustee during their lifetime, to maintain control over the property, and to retain the ability to easily make changes to the trust. A living trust can be dissolved or changed during your lifetime.
Living Trusts v. Wills
Both a living trust and a will detail how you would like your property to be distributed after you die. Both can be changed or dissolved during your lifetime. A living trust, however, has several advantages over a will. For one, a trust is private, while a will goes through the public probate court process. Trusts are also easier to change or dissolve during your lifetime, and there are fewer formalities required to create them. It is also possible for a living trust to lead to significant tax savings, depending on the size of your estate.
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