A Living Trust is a written instrument that allows you to protect and manage your assets while you are alive, as well as spell out your wishes for what you’d like to do with your assets when you die. You retain full access and control over the trust assets during your life, and then your trustee will distribute the remainder of the assets to your named beneficiaries.
Your Living Trust takes effect while you are alive, and it is “revocable”, which means that you change or even revoke it at any time. After your death, it becomes irrevocable and your assets are distributed according to your wishes. If you are married, you can create a living trust together to handle your individual and joint estates.
A Living Trust is the best way to avoid the probate process. A Living Trust is also the most flexible way to control how your assets are managed for you in the event you become disabled or incapacitated. And if you have young children, a Living Trust is a vital tool for preserving what you leave to them, by directing that your trustee should only distribute assets to them according to your terms. You can also nominate a guardian for your children, which is always better than relying on a court to appoint one. Finally, unlike the probate process, your Living Trust is private—both now and after you die.
Whether you need a new Living Trust or simply need to make changes to your current Trust, you can trust Gaudy Law to ensure that you’ve made the right decisions to provide for your loved ones.