"Living Trust"

What is it, How it works, What it include, Types, Requirements, Cost, Benefits & How to Make ?

What is a Living Trust ?

A living trust is a legal arrangement that allows individuals to manage their assets during their lifetime and efficiently transfer them to beneficiaries after their death. 

How Living Trust Works ?

Living trust provides asset management and allows for the seamless transfer of assets without the need for court intervention. Grantor retains the ability to make changes, amend, or revoke the trust.

Types of Living Trusts

Living trusts can be revocable or irrevocable, with revocable trusts allowing the grantor to modify or revoke the trust during their lifetime, while irrevocable trusts cannot be changed once established.

Who is Eligible to Create a Living Trust ?

Anyone who wants to ensure efficient asset management, avoid probate, maintain privacy, owns assets, has legal age and legal capacity to make decisions can create a living trust.

What Assets are Placed in Living Trust ?

A wide range of assets can be placed in a living trust, including real estate, bank accounts, investment accounts, business interests, and personal property.

How Much Does a Living Trust Cost ?

Cost of living trust ranges from a few hundred to several thousand dollars, depending on the complexity of estate, geographic location, and the legal professional you choose to work with. 

Benefits of Living Trust

The advantages of a living trust include avoiding probate, maintaining privacy, and providing flexibility and control over the distribution of assets upon incapacity or death.


How to Create a Living Trust ?

To make a living trust, consult with an estate planning attorney to draft a trust document that reflects your wishes for asset distribution and designates a trustee.