Living Trusts
Definition:
A living trust is a written legal document that substitutes a will. When you have a living trust, your assets such as your home, bank accounts and stocks are put into the trust that you manage during your lifetime and later transfer to your beneficiaries when you die. Those who manage a trust's assets are called the trustee. Trustees can be spouses, relatives, friends or qualified corporations.Consequences of Living Trusts:
Living trusts are not under court supervision, which means in some cases, a trustee may be able to take advantage of you. The costs of preparing a living trust could be higher than drafting a will. Living trusts can also create additional paperwork. Lenders may not lend a trust and could require that real property be taken out of the trust before agreeing to a loan on that property.What a Lawyer can do for you:
An estate planning lawyer can help you prepare a living trust. Estate planning lawyer can give estate planning advice and let you know what's best for your particular situation. Estate planning lawyers understand the complex legal issues that can come about with living trusts.Lawyer Referral Service:
Attorney Search Network can help you find estate planning lawyers in your area. Contact Attorney Search Network for an estate planning lawyer referral today and get started on establishing your living trust.
If you have any questions about the information provided above, please
contact us
Call us or click here to get a referral to an Attorney Search Network panel lawyer or law firm.
Be prepared for your consultation with a will drafting lawyer. Use our helpful attorney consultation guide
