Living trusts are designed to allow your family the ability to receive assets you have established over your lifetime and want to transfer to your loved ones following your death. A living trust will prevent the need of probate, saving your family of the headache and frustration that occurs with the court process.
A revocable living trust is part of an estate plan that will provide benefits to your heirs, while still allowing you to manage your assets while you are alive. A living trust allows for fast administration, bypassing probate and the courtroom. Living trusts are designed to protect you in the event of becoming incapacitated. Trusts will provide you with the opportunity to write out your wishes of what should occur if you do become incapacitated.
Revocable living trusts will provide cost-savings benefits, but they do not protect against estate tax. Individuals with a large estate should consider creating an irrevocable living trust. An experienced attorney can help you decide the right type of trust for your needs.