A living trust...what exactly is it? Also known as a revocable trust or an intervivos trust, a living trust is established during your lifetime. Similar to a will, it spells out how your assets will pass to your beneficiaries. The major difference between the two is that a will has to be entered into probate, while a living trust bypasses probate (if properly funded). While you are still living and of sound mind, you retain control over assets that are properly placed in the trust.
A living trust can help to avoid probate court- not only at the time of your death- but also while you are still living. It can help avoid conservatorship proceedings should you become unable to manage your own affairs.
Probate court is time-consuming and can be very costly, so you want to be sure to avoid it. However, the decision to create a living trust should be made after careful consideration. If you’re interested in learning more about a living trust and determining if it’s right for you, give us a call today!