Understanding Living Trusts: A Complete Guide

🏦A living trust provides control over how your estate is handled and avoids probate.

📝It covers financial and health matters during your lifetime, ensuring decisions are made according to your wishes.

💰Upon death, a living trust determines how your assets will be distributed and can include specific instructions.

📜It allows you to create a legacy and provide for future generations, such as funding education expenses.

🚫Relying on a will or doing nothing can result in costly probate, lack of control, and potential disputes.

Do I need a living trust?

—Yes, a living trust is recommended for effective estate planning and ensuring your wishes are carried out.

What does a living trust cover?

—A living trust covers financial and health matters during your lifetime, distribution of assets upon death, and even post-death instructions.

How does a living trust help avoid probate?

—By transferring ownership of assets to the trust, they do not need to go through the probate process, saving time and money.

Can I change or revoke a living trust?

—Yes, a living trust can be amended or revoked as long as you have the mental capacity to do so.

Who should I appoint as a trustee?

—Choose someone you trust, such as a family member or professional fiduciary, to act as the trustee.

00:00A living trust is essential for estate planning, providing control and avoiding probate.

01:00A living trust covers financial and health matters during your lifetime.

03:30Upon death, a living trust determines how your assets will be distributed.

06:48It allows you to create a legacy and provide for future generations.

08:18Relying on a will or doing nothing can result in costly probate and lack of control.