TRUSTS
What is a Trust and Why is it useful?
A trust is a legal document, signed and witnessed, and effective during your lifetime, during any period of disability, and after death. Because the trust is effective during your lifetime and you can change it, it’s referred to as a "living" document.
A trust:
● has lifetime benefits
● provides for the distribution of your assets
● avoids probate if fully funded
● provides for a successor trustee upon your death or incapacity
● allows for the management of your property – even if you’re incapacitated
● can address appointing disability guardians for minor children
● often includes protective trusts for beneficiaries and tax planning
● permits you to revoke or amend your wishes during your lifetime
● costs more than a simple will on the outset but much less upon administration, while typically providing significantly more value