A Living Trust can be an important component of an estate plan. When you create a Living Trust, you will transfer ownership of your property and assets to the trust during your lifetime. They can be quickly and easily passed to designated beneficiaries. Married couples can establish either joint or individual Living Trust.
There are a number of benefits of a living trust, including:
- Assets do not have to go through probate proceedings to pass to heirs
- Trusts can be confidential, whereas Wills must be publicized when they pass through probate
- Individuals have maximum control over their estates
- Living Trusts can reduce or even prevent estate taxes in many situations
- Trusts enable an individual to name a trustee who can make decisions about assets in the event of mental or physical incapacitation
- Assets placed in trust can in many cases be protected from creditors and legal actions
You can easily create a Living Trust or Joint Living Trust free at RocketLawyer.com