A revocable living trust becomes operational at your death. At that point, it allows your trust property to be transferred, privately and outside of probate, to the people or organizations you have named as beneficiaries of the trust. Whenever there is a significant change that affects your life or property, it’s time to review your estate plan to determine if you need to change your living trust. A living trust is a legal document that takes control of some of your assets during your lifetime. You choose a trustee who controls the trust and transfers the assets to the beneficiaries you choose. The assets in a trust pass outside of probate and outside of your will.
But you will need to fund the trust with your assets. However, not all of your assets can or should go into such a trust. Make sure you go over these rules with your estate planner. Finally, to make the trust effective, all property to be distributed under its terms must be transferred into the name of the trustee using a deed or other standard transfer document.
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A living trust, on the other hand, is a private document. Because the living trust document is never filed with a court or another government entity, what you leave, and to whom, generally remains private. First, records of real estate transfers are always public, so if your successor trustee transfers real estate to a beneficiary after your death, there will be a public record of it. Second, some states require the successor trustee to disclose information about your living trust to trust beneficiaries. As you know, the main reason for setting up a revocable living trust is to save your family time and money by avoiding probate. Here is a brief rundown of the other major benefits of a living trust.
- No matter what you’re struggling with, other people have felt the way you do.
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- Anyone you select as a co-trustee or successor trustee should be capable and trustworthy.
- A living will alerts medical professionals and your family to the treatments you want to receive or refuse.
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