April 27, 2014 | Share
LIVING TRUSTS: Not Only for the Rich
Many people have heard of a living trust, but not do understand how they actually work and how they may protect a person and his family.
Most individuals first hear of trusts in the context of extremely affluent families passing down wealth from generation to generation and believe trusts would be of no use to them. This is false! Living trusts can be used by most families and can be a very useful estate planning tool.
A living trust allows a person to select property he or she owns that will be distributed upon his or her death by an individual he or she previously chose. Using a living trusts as an estate-planning tool will help loved ones avoid the frustrations of probate, expensive legal fees, and valuable time.
While the creator of the trust is alive, there is no need to pay any special taxes, the property in the trust may be managed and sold at anytime, and the trust itself may be modified or cancelled. The benefits associated with drafting a living trust far outweighs the cost of having one drafted. Simply avoiding the legal cost of probate can save your beneficiaries thousands.
To find out whether a living trust would be beneficial to you and as an estate planning tool please contact the Law Offices of Shaun A. Hannafin.
Posted in Estate Planning Information