Living Trusts

“A good plan executed now is better than a perfect plan executed at some indefinite time in the future”  

- G. Patton

Living Trusts

A Living Trust, also called an “inter vivos” trust, is a legal instrument that transfers property placed in the trust by you to designated beneficiaries when you die. Depending on your personal situation, it may serve as an important and key part of your comprehensive estate planning. Its benefits far exceed just the purpose of transferring your assets.

Since a living trust operates during your lifetime as well as after, you yourself can serve as the trustee. The trust can also benefit you during your life. This is just one of the positives of creating a living trust, since you can use one to maintain control over any assets held within the trust.

Additionally, during the creator’s lifetime, the living trust is revocable -- it is sometimes itself referred to as a “revocable trust.” This is different from other forms of trusts, which usually only go into effect after your lifetime and then become irrevocable.

Working with a Living Trust Lawyer

Our experienced attorneys can help you set up a living trust while avoiding pitfalls and issues that could frustrate or invalidate your arrangements. Living trusts can be complicated, but that’s no reason to keep you from utilizing this excellent and unique tool to control your assets during and after your lifetime.

For example,  property and assets not described in the trust will be distributed as per another document, the “pour-over will,” which, unlike the living trust, is still subject to probate. Thus, it is important to keep your living trust up to date, detailed, and meticulous.

Setting up a living trust helps to avoid costly endeavors down the line. It is well worth the effort now to save your family and loved ones from having to endure the extra costs after you have passed. To learn more about your potential living trust cost, get in touch with our attorney team at Perkins & Zayed today.

Benefits of Having a Living Trust

There are numerous benefits to a living trust! As we’ve already mentioned, the instrument is a revocable trust -- a living trust can be amended or cancelled at any time. It remains flexible to your needs, circumstances, and objectives, and isn’t set in stone as soon as it is created. Additionally, you can serve as the trustee, maintaining control over your assets during your life.

Some of the other benefits of a living trust include:

  • A living trust is set up as a separate legal entity but retains the trust creator’s social security number. This saves the trust creator time and expense, as no separate tax form is ever needed.

  • The assets of a living trust are not subject to probate. This is one of the greatest benefits, as probate can be long and costly, so setting up a revocable trust now will save your beneficiaries time and money.

  • The contents of a living trust are not made public upon your death. This means that you and your family will continue to maintain the privacy that you need and deserve, as confidential information will remain confidential.

  • In the event that the creator of the trust becomes incapacitated, a living trust can serve as a set of directions. This protects your assets and property from being used in a way that is not in accordance with your wishes - your directions will be carried out exactly as specified.

These are just some of the advantages provided by a Living Trust. Don’t cause future problems by delaying careful estate planning. Our first consultation is complimentary, and we look forward to talking with you about your comprehensive estate plan and living trust costs. Contact us at 630-665-2300 or to learn more about how living trust flexibility can benefit your estate planning goals.