What is A Living Trust?

A Living Trust is a legal document established during a person’s lifetime that specifies whom you want to manage and distribute your property if you’re unable to do so, and who receives it when you pass away. Once signed, you transfer ownership of your assets into the trust and you remain in complete control of your property.

Trusts are usually revocable, which means that the person establishing the trust can make changes to the trust at any time as long as they are competent to do so. The biggest benefit of a living trust is that it can be managed and distributed WITHOUT going through the PROBATE COURT. 

Advantages of setting up a Living Trust:

SAVE TIME: On average, Probate takes 2-5 years to settle an estate.

SAVE MONEY: Probate fees are set by Statute and can often eat up to 10% or more of your estate.

PRIVACY: Everything in probate court is a matter of public record.

DISPUTES: Wills are often challenged in court. It is much more difficult to dispute your wishes which are expressed in a Living Trust.

CONTROL: Your family has control over the settlement process.

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DISCLAIMER: The 258 is a Registered Legal Document Assistant’s Office. We are not attorneys and cannot select legal forms. The information presented on our web site is general, factual, published information obtained from court provided self-help legal public publications, legal statutes or other sources believed to be accurate and reliable. This information should not be considered legal advice, as it is general in nature. It is always recommended to seek legal advise from an attorney before filing legal proceedings. Many attorneys offer free consultations.

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