Trusts are formed to hold and manage property for beneficiaries. Although a Will speaks only from the moment of death, trusts begin speaking when they are created. A living trust is created while you are alive to manage your property during your life and to provide what happens to it after you die. A trust is a legal agreement which appoints a trustee to hold, manage and distribute property for the benefit of another person (or people or pets) who are known as beneficiaries. Trusts can be used for a variety of purposes in estate planning. Living trusts are used to manage assets and avoid probate. A “living trust” is not offered for probate and its contents are not a matter of public record. If there is concern about making a Will public, a “living trust” is a good alternative. It is often called a “Will substitute.” One of the most common types of trusts used in estate planning is known as a “living trust.” Whether it makes sense in your situation depends on the nature of your assets, the desire to avoid probate or to save on taxes, and the ease of transferring what you own into the trust. A living trust can be a valuable tool to: With a living trust, you have use of the trust funds in the same way as if you owned the property in your own name. These trusts are revocable, which means you can change them at any time. Living trusts are called “Will substitutes” because they can be created to distribute all of your assets, in place of a Will. Typically, if people establish a “living trust,” they also execute a simple Will which leaves everything to the trust. In this way, if there is any small asset or personal property not owned by the trust, that base is covered. At the law firm of Susan G. Parker, Esq. PC (914) 923-1600, we can help you create trusts to suit your needs.Using a Living Trust to Avoid Probate
What Is a Trust?
Creating a Living Trust
How Living Trusts Work
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