B
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LIVING TRUSTS QUESTIONS:
What are living trusts? Do you need one if you have a will? What are
the advantages and disadvantages? How can a living trust fit into your
estate plan?
A living trust is an arrangement you create during your lifetime to
provide for yourself and your family both before and after your death. It
has built-in flexibility that can work very well with your overall estate plan.
ADVANTAGES OF A LIVING TRUST
Reduction of probate cost:
Whether you have a will or not, all assets you own are subject to probate
when you pass away unless you have a trust. Although you can enjoy
the use of the assets you place in a trust during your life, the living trust
removes them from your estate for probate purposes. You, therefore,
save the probate and administration costs you would be required to pay
if those same assets were distributed by will.
Speedy distribution of trust assets:
By establishing a living trust during your lifetime, you are setting up a
method of managing and distributing your assets. Because the living
trust escapes the probate process, the plan of distribution you describe
is put into action immediately upon your death. There are none of the
delays which occur under distribution by will.
Flexibility of planning:
Another advantage of the living trust is the overall flexibility it provides.
Most living trusts are revocable. This gives you the freedom to amend,
add to, or even completely do away with the living trust agreement as
you wish. A living trust can allow you flexibility while you receive income
from your assets during your lifetime, plus asset management after your
death.
What are living trusts? Do you need one if you have a will? What are
the advantages and disadvantages? How can a living trust fit into your
estate plan?
A living trust is an arrangement you create during your lifetime to
provide for yourself and your family both before and after your death. It
has built-in flexibility that can work very well with your overall estate plan.
ADVANTAGES OF A LIVING TRUST
Reduction of probate cost:
Whether you have a will or not, all assets you own are subject to probate
when you pass away unless you have a trust. Although you can enjoy
the use of the assets you place in a trust during your life, the living trust
removes them from your estate for probate purposes. You, therefore,
save the probate and administration costs you would be required to pay
if those same assets were distributed by will.
Speedy distribution of trust assets:
By establishing a living trust during your lifetime, you are setting up a
method of managing and distributing your assets. Because the living
trust escapes the probate process, the plan of distribution you describe
is put into action immediately upon your death. There are none of the
delays which occur under distribution by will.
Flexibility of planning:
Another advantage of the living trust is the overall flexibility it provides.
Most living trusts are revocable. This gives you the freedom to amend,
add to, or even completely do away with the living trust agreement as
you wish. A living trust can allow you flexibility while you receive income
from your assets during your lifetime, plus asset management after your
death.
BOGLE
OKOYE
CHANG
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BOGLE & OKOYE, LLC
Copyright © 2008 Bogle & Okoye, LLC. All Rights Reserved.
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Blog: "Living Trusts"
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