A Living Trust (also called a Revocable Living Trust) is a written legal agreement between a person or persons setting up a trust and the institution or individual (known as the trustee) that has been designated to manage the trust and its assets. The person setting up the Trust can revoke or amend the Trust at any time while they are alive and competent.
In most cases the person setting up the Trust can manage, but and sell assets the same as though a Trust had never been established. A Trust can also be used as protection of your assets from creditors and judgments resulting from a lawsuit against you.
Living Trusts allow your assets to pass ownership without the need of a court order or probate in most cases. They also allow you to pass on your wealth from generation to generation with minimal tax consequences when properly formed. Trusts can provide for your care in your old age, can provide for minor children in the event of your untimely death, and can provide for your care in the event something happens to you which makes it difficult to care for your own needs. A Living Trust will also allow you to appoint a different person to manage your finances and affairs according to your predetermined wishes in the event you are no longer able to care for yourself. This helps to avoid probate or conservatorship and ensures that your wishes will be carried out at all stages of your life.
The attorneys at Access Legal Group, A PLC have the knowledge and experience to help you draft the estate plan that is right for you and your family. Get the peace of mind of knowing that you and your family are protected from life's unexpected events.
Call our office now for a FREE telephone consultation and learn how we can put our knowledge and experience to work for you!