By
Maurice Johnson
Confused about living trusts? If so, you are not alone.
A living trust is a legal entity normally created to hold assets in your lifetime and distribute them after your death. [This has nothing to do with a living will. A living will is a document that states your desires regarding use of artificial means or heroic measures if you become disabled.]
The internet is littered with so-called "experts" loudly proclaiming their opinions about living trusts.
Some "experts" say they are the best thing since sliced bread. Others, say they are worthless and their benefits a hoax.
The truth is much more complicated.
Living trusts can do great things for some people and nothing for others. It just depends on your situation.
It is true that such a trust can, among other things, be used to avoid probate and save estate taxes. It also can help provide privacy, flexibility and even avoid a guardianship proceeding if you become incapacitated.
One of the biggest benefits of this type of trust is that it allows you to begin to put your estate plan into action while still alive. You can then get some insight into how your estate plan will work and make adjustments if necessary.
However, there are other ways to achieve these objectives that might be easier and cheaper for you. Also, it can be difficult and sometimes costly to properly prepare and fund a living trust.
So, the truth is that a these types of trusts offers advantages and disadvantages.
Generally speaking, the larger and more complex your estate, the more an inter vivos trust will likely benefit you. Certainly if you have assets over $1,000,000 you should seriously consider having a living trust drafted as part of your estate plan.
The bottom line is to figure out if you should get a living trust you need to either talk to an experienced estate planning attorney about your particular situation or you need to invest some time learning about the advantages and disadvantages of living trusts.
Confused about living trusts? If so, you are not alone.
A living trust is a legal entity normally created to hold assets in your lifetime and distribute them after your death. [This has nothing to do with a living will. A living will is a document that states your desires regarding use of artificial means or heroic measures if you become disabled.]
The internet is littered with so-called "experts" loudly proclaiming their opinions about living trusts.
Some "experts" say they are the best thing since sliced bread. Others, say they are worthless and their benefits a hoax.
The truth is much more complicated.
Living trusts can do great things for some people and nothing for others. It just depends on your situation.
It is true that such a trust can, among other things, be used to avoid probate and save estate taxes. It also can help provide privacy, flexibility and even avoid a guardianship proceeding if you become incapacitated.
One of the biggest benefits of this type of trust is that it allows you to begin to put your estate plan into action while still alive. You can then get some insight into how your estate plan will work and make adjustments if necessary.
However, there are other ways to achieve these objectives that might be easier and cheaper for you. Also, it can be difficult and sometimes costly to properly prepare and fund a living trust.
So, the truth is that a these types of trusts offers advantages and disadvantages.
Generally speaking, the larger and more complex your estate, the more an inter vivos trust will likely benefit you. Certainly if you have assets over $1,000,000 you should seriously consider having a living trust drafted as part of your estate plan.
The bottom line is to figure out if you should get a living trust you need to either talk to an experienced estate planning attorney about your particular situation or you need to invest some time learning about the advantages and disadvantages of living trusts.
Maurice Johnson is an attorney and has practiced estate planning law throughout his professional career. He is publisher of Free Living Trust Information and Estate Planning Hub Visit those sites to find out more about the advantages and disadvantages of living trusts.
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i consulted it about Arizona Living Trust and they suggested me some wonderful experience.
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