Fast Overview of Living Trusts and Their Importance in Estate Planning

💼A living trust allows individuals to have control over the distribution of their assets after death.

💡With a living trust, assets can be transferred to beneficiaries without going through probate.

🔒A living trust provides privacy as it does not become public record like a will does.

📝Living trusts can be amended or revoked during the individual's lifetime, providing flexibility.

🏛️In addition to a living trust, a pour-over will should be included in the estate planning to cover any probate assets.

What is a living trust?

—A living trust is a legal document that allows individuals to transfer their assets without going through probate.

Why should I consider a living trust?

—A living trust provides control, flexibility, privacy, and avoids the probate process which can be time-consuming and expensive.

Who should have a living trust?

—Anyone who wants more control over the distribution of their assets, privacy, and wants to avoid probate should consider a living trust.

Can a living trust be changed?

—Yes, a living trust can be amended or revoked during the individual's lifetime.

Do I still need a will if I have a living trust?

—Yes, a pour-over will should be included to cover any probate assets that may exist.

00:00This video provides a fast overview of living trusts and their importance in estate planning.

00:23Probate assets are frozen upon an individual's death and require the involvement of the court and attorneys.

01:41A living trust allows individuals to avoid the probate process by transferring assets to the trust.

02:24A pour-over will should be included in the estate planning to cover any probate assets.