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