When establishing a Living Trust, you are opting to serve as grantor, trustee, and beneficiary for the trust for the remainder of your lifetime. A trustee would be the person who is in charge of the trust assets. In a living trust, you would remain trustee until you are unable to perform those duties (generally incapacitation or death). A “beneficiary” is the individual(s) whom you have chosen to receive the trust assets after your passing. Therefore, during your lifetime, you have complete control over the trust assets and can withdraw them, spend them, or leave them in the trust; at your discretion.
A living trust not only allows you to retain total control over and responsibility for your assets, but also allows you to transfer your assets after death and bypass the probate process. When an estate is admitted to probate, it can take months to resolve and typically is administered under court supervision. This is a complex process and typically there are administrative and clerical hurdles not to mention the familial and emotional stress those close to you are experiencing.. If all of your assets are owned by a living trust, the probate process is unnecessary, making the transfer of your assets a much quicker, easier, and cheaper process
An advantage to establishing a living trust is your ability to provide lifetime asset protection to your loved ones. For example, if you have a child, who does not manage money well, you can place restrictions on the amount of money that he or she can access at one time, or restrict how the money, can be used (example: for medical or educational expenses). You also can build protections into a trust that protect your assets from a beneficiary’s liabilities (divorce, bankruptcy, or creditors). This allows you to preserve those assets that you wish to benefit your loved ones and ensure that they do someone who to not have your beneficiaries best interests at heart, to debt collectors, or your beneficiary’s estranged spouse.
Tramontozzi Law Offices handles all facets of estate planning for clients on a daily basis. Whether you are interested in a simple will or a more complex trust, we are here to present all of your options for estate planning and help you make the decisions that are best for you and your family. Take the first step today and contact us to schedule a meeting.
The probate Process in Explained– http://tramontozzilaw.com/probate-process-explained-simple-steps/
Why you should Review your Estate Plan http://tramontozzilaw.com/why-you-should-revise-your-estate-plan/