Like a Will, a living trust provides for distributions of an asset to named beneficiaries. Unlike a Will, however, a living trust avoids the probate process- which can be lengthy and expensive- and a trust is shielded from public inspection. For this reason, a living trust is often used to complement a Will, with select assets being transferred to the trust.
If you already have a living trust, remember that changes in your circumstances may dictate revisions to your trust. Typically, after reviewing this document, you may decide on a reallocation of assets. The trust may also be affected by a sale or purchase of property. In addition, you may want to change the named Trustee. Make sure you are comfortable with the current terms.
And don’t wait until it’s too late. If you later suffer from a disability that affects your thinking, such as a stroke or dementia, it will be too late to make these changes.
Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.
This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.