A Living Trust is often called a "Will Substitute"
because it accomplishes all a Will does and more. A Will takes
its life upon the maker's death, a Living Trust, on the other
hand takes its life as soon as it is created. A Living Trust
allows for living planning as well as death planning. Unlike
a Will, a Living Trust can provide for your care during your
lifetime. In your Trust you can clearly state, in as much detail
as you desire, how you wish to be taken care of with your own
Trust property in case of your incapacity or incompetence as
a result of senility, accident or illness. You can choose who
your trustees will be, as well as, provide for the care of your
loved ones should you lose control of your mental faculties.
A Living Trust also allows you to control the distribution of
all your property in any way you desire. Through a well drafted
Living Trust the wealth you have spent a lifetime accumulating
can be kept in your family, and no outside entity will ever
have access to it.
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Probate is the legal process of transferring
assets from an incompetent person to a competent person, or
a deceased person to living person. Associated with probate
are legal and administrative fees totaling about 6% of your
estate’s value. The Living Trust avoids all probate. The
reason for probate is due to the fact that the incompetent or
deceased individual’s name is on the title of an asset.
If your Living Trust is fully-funded and all your assets are
titled to your Living Trust, then there is no need for probate
because no assets exist in your name, they are all in the name
of your Living Trust for which you (and your spouse) are the
Grantor(s), Trustee(s) and Beneficiary(s).
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The Living Trust is totally revocable, thus it
is completely under the control of the person who executes it.
Every asset in the Living Trust shall be included in the taxable
estate of the person who set up the trust, and so it is not,
per se, an estate tax savings vehicle. However, a properly drafted
Living Trust can provide a substantial savings in the federal
and state death taxes.
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Your Living Trust is a private document and not
involved in a public process such as Probate Court. There exist
no forum that encourages debate and advocacy of a Living Trust
as with a Will. There are no legal formalities associated with
a Living Trust as with a Will. A Living Trust is less vulnerable
to attack on the grounds of incompetence, fraud or duress due
to the fact that it is not subject to the so-called "Statue
of Wills", thereby assuring that the document shall work as
you want it to.
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Simply due to the fact that there is no probate
associated with a Living Trust, the transition that will occur
upon your death will be smooth and uneventful. Your beneficiaries
will immediately and automatically begin to receive income and
principle on your death, as per the terms of your Living Trust.
This is a major advantage of a Living Trust over a Will because
it reduces cost and limits undue stress and anxiety for your
survivors.
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Living Trusts, as with all trusts, are private
documents. They are not made public during your life or after
your death. The use of a Living Trust will guarantee that your
affairs and your family's affair will not be exposed to public
scrutiny.
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Living Trusts are simple to amend. Trust amendments,
regardless of their scope, require only your signature in order
to become infused into the trust agreement. Once a Trust is
in force we like to meet with our client at least once a year
to catch up, review the agreement, and discuss any changes that
might need to be made based on their current situation.
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A living trust has absolutely tax neutral. Any
exceptions and deductions you are entitled to prior to the Trust,
are available once the Trust has been created. Your income taxes
are filed in the same manner after a Trust has been created
as before.
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