Set Up Living Trust
A living trust is a legal document that allows you to manage and distribute your assets (like property, money, etc.) both during your lifetime and after your death. It's a way to control how your assets are handled, potentially avoid probate, and ensure your wishes are followed. Think of it as an "empty box" where you put your assets, and you decide who manages it (the trustee) and who gets the assets (the beneficiaries). living trust can offer privacy, potentially save on legal fees, and ensure your wishes are followed regarding your assets after your gone.
how a living trust is manged
You create the trust document, outlining your wishes for your assets. You transfer ownership of your assets (like your house, bank accounts, etc.) into the trust. During your lifetime, you can manage these assets as the trustee, using them as you normally would. If you become incapacitated, a successor trustee (named in the trust) takes over managing the assets. Upon your death, the successor trustee distributes the assets to the beneficiaries as specified in the trust document.
Benefits of living trust
Avoids Probate: Living trusts can bypass the often lengthy and costly probate process that typically occurs after death when using a will. Privacy: Unlike wills, which become public record during probate, living trusts maintain privacy regarding your assets and their distribution. Control: You retain control over your assets during your lifetime, even while they are held in the trust. Incapacity Planning: A living trust can ensure your assets are managed smoothly if you become incapacitated.
