Yes, whether your estate is large or small. A Living Trust is a revocable trust you create to hold property during your lifetime. You maintain control over the assets within the trust by serving as the trustee.
A Living Trust may be changed or revoked. Upon your death or incapacitation, the trust becomes irrevocable.
Who Needs a Living Trust?
- Married couples or single parents with minor children.
- Anyone who owns real estate.
- Anyone who desires assets be held “In Trust” and distributed to heirs beyond the default age of distribution, or according to special terms.
- Anyone with special needs dependents.
- Married couples in a second marriage who want to protect children of a first marriage.
- Business owners.
- Domestic partners.
If you become incapacitated, your successor trustee continues to manage the trust for your benefit.
Upon your death, the trustee distributes the assets to the beneficiaries or continues to manage the assets for their benefit, depending on the terms of the trust.
