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Living Trust

 

I am always encouraging clients to put their assets into a trust. The main advantage to a trust is to avoid probate which may involve court proceedings and could generate contested claims. A living trust is a written declaration and contract in which you state that you as grantor are transferring your property in to a living trust for the benefit of yourself during your lifetime and then for the benefit of your heirs or beneficiaries. It means you have complete control of your living assets. The successor trustee you name will take control over your living trust in case of your death in case of your death or incapacity. In addition, you will have the power to change amend or revoke your living trust at any time during your lifetime. I always suggest that you open a separate account as well with its own TIN or trust identification number essentially a different tax ID number. I have an excellent referral to a respected local attorney I can forward to you upon request.