8 Benefits of a Living TrustRobert Busch
December 3, 2008 — 1,565 views
A Living Trust, or Revocable Trust as it is sometimes called, is an estate planning document which:
1. Avoids probate, so there are no court proceedings.
2. Eliminates the requirement of public notices, so your assets do not become public.
3. Keeps your plan of distribution private.
4. Is accepted by all 50 states, so it avoids probate of out-of-state property as well as assets located in the state of residency. (A will requires probate in each state where real estate is owned and in the state where the decedent lived on the date of death.
5. Provides for management of assets by a family member or an institution (whichever you select) if you are unable to mange assets due to health problems and avoids proving incompetency in a public court proceeding.
6. Helps in organizing lists of assets for personal financial planning and helps beneficiaries in locating assets.
7. Allows for optimum tax planning using federal and state income, gift, and estate tax law, Yet requires NO extra tax returns or filings.
8. A Living Trust does not affect your ability to manage and control your own property and does NOT require management fees to be paid to anyone unless you wish to appoint an outside Manager.
Living Trusts may not be for everyone, but for many, many people, a bit of extra planning now in setting up a living trust can save a lot of time, money and frustration for your loved ones in the future.
About the Author
AREAS OF PRACTICE
Estate Planning Probate Conservatorships Guardianships Trust Administration
California State Bar, 122692 Eastern District of California
University of the Pacific, Mc George School of Law-Juris Doctor University of California, Davis-Bachelor of Arts, American History