Frequently Asked Questions (FAQs)
Living Trusts and Probate
What are the advantages of a living trust?
Assets held in your trust avoid probate when you die, that is, your Successor Trustee will be able to administer and distribute your trust assets upon your death without the need to involve the court. A living trust will also allow the Successor Trustee to manage trust assets for your benefit during your lifetime if you become incapacitated, without having to seek authority from the court.
A living trust, in and of itself, does not reduce estate taxes (see answers to FAQ regarding taxes). However, you can include estate tax planning in your living trust and other estate planning documents, especially for a trust signed by a husband and wife.
Remember, a revocable living trust does not protect your assets from creditors. If you as the Settlor retain the power to revoke the trust, the trust property is subject to the claims of your creditors, both now and upon your death.
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- Living Trust
- Living Trusts and Probate
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