A revocable living trust is typically used by estate planners as a method of avoiding probate.  If assets are owned by a trust, court involvement is not required to transfer assets upon death.  Probate only arises when the legal owner of property dies, leaving no joint owner or beneficiary.

A living trust is an estate planning document which:

• Avoids probate of the estate, so no court is involved.
• Reduces fees associated with administering a probate estate.
• Keeps your plan of distribution private.
• Provides for management of assets by a family member or an institution (if you prefer) if you are unable to manage assets due to health problems and avoids proving incompetency in court.
• Helps in organizing lists of assets for personal financial planning and helps beneficiaries in locating assets.
• Allows for optimum tax planning using federal and state income, gift, and estate tax law, yet requires no extra tax returns or filings.
• Does not affect your ability to manage and control your own property and does not require management fees to be paid to anyone unless you wish to appoint an outside manager.

Establishing a living trust now can save much time, money, and frustration for loved ones in the future.

Please feel free to contact our office should you have additional questions about living trusts and the benefits they could provide to you.