There are a number of different advantages, and for many, probate avoidance is at the top of the list. If you use a will to state your final wishes, you would name an executor to act as the administrator, and they would admit the will to probate. This is a legal process that takes place […]
Living Trusts
Are assets in the trust protected from legal actions?
Since you maintain the right of revocation and you will be acting as the trustee, you are retaining incidents of ownership in a legal sense. You have direct access to the resources, so a litigant seeking redress would also have access. In addition to lawsuits and tax liens, this applies to some other matters. If […]
Can you dissolve the trust if you change your mind?
Yes, this is another layer of control that you retain. This would be a revocable living trust, so you would be able to revoke or rescind the trust at any time.
Do you surrender control of the assets to a trustee?
No, this is a commonly held misconception about trusts. If you establish a living trust, you can act as the trustee while you are alive and well. As a result, you maintain complete control of the assets that you convey into the trust.
What is the difference between a living trust and other types of trusts?
This is a term that is not tricky in any way. Simply put, a living trust is a trust that goes into effect while you are still alive.
