A living trust is a type of trust that is created during the lifetime of the person who establishes it. It is also called an inter vivos trust. The living trust can be used to manage property and finances for the benefit of the person who established it, and it can also be used to provide for the person’s heirs after death.
Other Types of Trusts
There are different types of trusts for people in different situations. Some common types of trusts are:
A living trust is a type of trust that is established during the lifetime of the person who establishes it. It can be used to manage property and finances for the benefit of the person who established it, and it can also be used to provide for the person’s heirs after death.
A testamentary trust is a type of trust that is created by a will. It only goes into effect after the death of the person who creates it.
A charitable trust is a type of trust that is created for the purpose of benefiting a charity.
Special Needs Trust
A special needs trust is a type of trust that is created to provide for the care of a person with physical or mental disabilities.
Advantages of a Living Trust
One of the main advantages of a living trust is that it can help to avoid probate. Probate is the legal process that is used to settle an estate after someone dies. It can be a time-consuming and expensive process, and it can also be public. This means that anyone who is interested can look at the court records and see how the estate was distributed.
Another advantage of a living trust is that it can give you more control over how your assets are distributed after your death. With a will, you can only specify who gets what assets. With a living trust, you can also specify when and how they get those assets. For example, you may want to give your heir the assets immediately, or you may want to wait until they reach a certain age.
A living trust also contains detailed instructions about how you want your property and finances managed while you are alive, and how you want them distributed after your death. These instructions can include things like who you want to manage your trust, who you want to inherit your property, and what kind of care you want to be provided for your dependents.
Setting up a Living Trust
If you are interested in setting up a living trust, there are a few things you should keep in mind. First, you need to choose a trustee. This is the person who will manage the trust and make sure that the assets are distributed according to your wishes. You can choose a family member, friend, or professional trustee.
Next, you need to decide what assets to put into the trust. These can be any assets that you own, including real estate, stocks and bonds, bank accounts, and personal property.
Finally, you need to create a living trust agreement. This document will spell out the terms of the trust, including how the assets will be managed and distributed. Once the agreement is signed, the living trust is created.
Can You Set Up a Living Trust Online?
The Estate Planning Law Firm provides a simple and easy way for you to create a living trust from your computer and without leaving home! You can complete the entire process online, and you don’t need to have any legal experience. Our online estate planning lawyers will guide you through the process step-by-step to create your trust. You can get started today by visiting our website or calling us at 1-833-483-7529.
Ready to Set up a Trust?
If you want to learn more about living trusts or set one up for yourself, you can do so online. Our website offers information about living trusts, and you can also find online living trust services that can help you create and manage your trust. If you are unsure where to begin, you can take our online quiz to guide you into finding options that may suit you best.
Thanks for reading! I hope this article was helpful in understanding living trusts. If you have any questions, please feel free to contact us. We are always happy to help!
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