Living Trust

A Living, or intervivos, trust is a legal relationship in which one person, the trustee, holds property for the benefit of another, the beneficiary. A trust is a way of holding title to your assets; it allows you to manage your property yourself and protects your assets from anyone else who might try to obtain access to them. The person who sets up the trust, the trustor or grantor, may also be named as trustee until he or she becomes incapacitated or dies, at which time a successor trustee can take over. Any real or personal property, money, stocks, bonds, collections, business interests, and vehicles can be transferred to the trust during the trustor’s lifetime. An individual may set up this kind of trust for his own benefit during his lifetime, and then for the benefit of another when he dies.

A trust is more complicated and more expensive to set up and manage than a will, but, after death or disability, a trust does not have to go through the time-consuming, expensive probate process and will not be subject to the jurisdiction of the Probate Court. The beneficiaries receive their gifts immediately, or according to the instructions listed in the trust. Unlike wills, trusts are private and do not generate a public record, but please note that unlike a will, you cannot designate a guardian for your children in a trust.

It is important to speak to an experienced estate planning attorney and explore your options in determining what estate plan you want. We will gladly review the nuts and bolts of the living trust process, how a trust is formed, the procedures involved with asset transfers and funding the trust, the importance in naming qualified trustees, and any of your additional questions. We bring a convenient approach to working with clients by having both flexible business hours and meeting locations while also offering excellent services for affordable fee rates.