Do You Need a Living Trust?
You may wonder if you need a Living Trust in addition to a will. These two important instruments
serve different purposes. A will allows you to designate an individual or institution to be
responsible for the settlement of your estate. It also may express your wishes for guardianship
for your children and distribution of your assets. However, a will may not keep your estate out
of probate or offer any tax advantages.
A Living Trust accomplishes two objectives: It provides uninterrupted management of your assets
if you become ill or incapacitated. It also provides for a smooth transition of assets to your
beneficiaries after your death. Unlike a will, a Living Trust is not subject to the expense or
time delays of probate for those assets which are held in the trust. A Living Trust also is
confidential, not a matter of public record.
Benefits of a Living Trust:
- Privacy, avoids probate
- You retain control throughout your lifetime
- Flexible, can be modified or cancelled at any time
- Protects your assets during your lifetime
- Can create trust income for life
Most people need a will, and many people benefit from having a Living Trust as well.
For more information, contact the Private Client Group
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