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What is a Living Trust?

A living trust is a document that will assist you in handling your estate during your lifetime and after your death. In a living trust, your assets are placed into a trust for your benefit during your lifetime and then transferred to designated beneficiaries at your death by your chosen representative. 

You will be the Settlor (the one setting up your living trust), the Trustee (the one managing your trust assets) and the Primary Beneficiary (the one for whose benefit the trust is established).

You will name the Successor Trustee who will succeed you as Trustee when you die, become incompetent, or resign, and you will name the Secondary Beneficiary or Beneficiaries for whose benefit the trust will exist upon your death.

What are the benefits of a Living Trust?

A living trust is administered outside of court and in most cases avoids almost all probate expenses when you die. It also ensures your privacy.

A living trust is built on the premise that you trust the Successor Trustee to carry out your wishes in distributing your estate at your death without the need of a probate Judge’s oversight. 

A living trust avoids guardianship expenses if you become incapacitated or incompetent. Within the living trust, you have already named the person or persons you want to be in charge of your estate when you are no longer able to manage your estate due to your incompetence.

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