Estate planning utilizes various tools or documents to put your plans on paper. This legal document comprises all the details regarding your estate, what you want to do with it, and whom it goes to after your passing. In addition to that, the document is also the place where you will include instructions, such as funeral plans, PoA documents, incapacity plans, and more. All of these are directed at making sure your family and loved ones, especially ones who are dependent on your finances, are taken care of and that your estate goes to people or institutions that you wanted to.

Living trusts are one type of such legal document that allows you to get your affairs in order for situations that are not too pleasant to ponder over. Living trusts, also called revocable trusts, are written documents that place your estate or assets in a trust’s name. You can benefit from this type of trust during your lifetime, protect your privacy, and avoid probate. Once you pass away, the assets funded into the trust will be transferred to the beneficiaries you named in the trust, executed by a successor trustee.

When it comes to other estate planning tools, living trusts are often preferred over wills as they offer better control over the assets. There are many benefits that make deciding on a living trust easier. They are easy to set up with the help of an estate planning attorney. In the end, you’ll have peace of mind, save probate costs, and maintain privacy.

Articles in this category cover various topics related to living trusts. You’ll get to learn the inner workings of a living trust, its benefits, its types, how it can be set up, what mistakes to avoid, how it can be changed, when to update it, and more.