How Can a Living Trust Help Me Control My Estate?
A living trust can help control the distribution of your estate upon death.
A living trust can help control the distribution of your estate upon death.
A living trust is a legal arrangement that holds assets for beneficiaries according to instructions you establish. With a revocable living trust, you may be able to serve as trustor, trustee, and beneficiary while you are living.
Because assets in a properly funded living trust are owned by the trust, they may pass outside of probate. That can help heirs receive assets with fewer delays and less public court involvement.
Living trusts can also provide continuity if you become incapacitated, because a successor trustee can step in to manage trust assets according to the trust agreement.
Trusts involve setup, administration, and legal considerations. They should be coordinated with beneficiary designations, tax planning, and the rest of your financial plan.
Important Considerations
- Review estate documents after major life changes.
- Coordinate beneficiary designations with wills and trusts.
- Consider tax, legal, and investment implications before making changes.
This article is for educational purposes only and should not be relied upon as tax, legal, investment, or retirement advice. Consult qualified tax and legal professionals before implementing estate planning strategies.
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