Estate planning is a simple way to make life easier for your loved ones and ensure they receive the proper benefits upon your passing. By establishing a living trust, families can avoid probate, minimize estate taxes, and maintain privacy regarding the distribution of their assets. At Elder Law Lawyers, our experienced attorneys work closely with clients to create customized trust agreements tailored to their specific needs. These arrangements ensure that their wishes are carried out in accordance with the law.
In addition to asset protection and estate planning benefits, a living trust (also called a revocable trust) also provides flexibility and control over how assets are managed during the trust creator’s lifetime and after their passing. Trust creators can designate a trustee to oversee the trust and make decisions regarding the distribution of assets, providing peace of mind that their wealth will be managed responsibly and in accordance with their wishes. Contact our team to request your consultation and start implementing this process.
Establish a Revocable Living Trust in Lexington, KY
Similar to a will, a living trust is a legal document that designates where one’s property should go upon death. However, unlike a will, a living trust is a separate entity that holds the property while the owner is still alive. The main purpose of a living trust is to bypass the probate process, which can be lengthy, cumbersome, and stressful for a grieving family. They offer many additional benefits.
How Does a Living Trust Work?
The person responsible for managing the trust, known as the trustee, can be the settlor (creator of the trust) if it is a revocable trust or can be a trusted individual such as a family member, friend, or attorney. Once the settlor passes away, the trustee is tasked with distributing the assets according to the settlor’s wishes. In the event that the settlor was acting as their own trustee, a successor trustee will take over.
Living trusts can be revocable or irrevocable, with the former being more flexible and allowing the settlor to retain ownership rights. Conversely, irrevocable trusts relinquish control and ownership, providing potential tax benefits for the settlor. Contact Elder Law Lawyers today for a consultation to explore your best estate planning options.
Your Living Trust FAQs
There are some distinctive differences between wills and living trusts:
- A living trust becomes effective immediately upon signing, while a will only takes effect after death
- A will typically goes through probate, whereas a trust does not
- A will distributes assets post-death, while a living trust manages assets during the individual’s lifetime
- Wills focus on asset distribution after death, while living trusts retain and manage assets until a specified time
- Wills are subject to probate court, while living trusts allow individuals to allocate assets without court intervention
Contact Elder Law Lawyers today to explore which options might be right for your estate planning needs.
Elder Law Lawyers offers estate planning solutions to suit nearly every budget. We’re committed to seeing that our clients don’t spend a penny more than they need to on legal services that will save them money in the long run and preserve their quality of life. Contact us today to arrange your consultation.
There are many different types of trusts, including:
- Revocable Trust
- Irrevocable Trust
- Intentionally Defective Grantor Trust
- Sole Benefit Trust
- First Party Trust
- Third Party Supplemental Trust
- Testamentary Trust
- Pooled Trust
- Qualified Income Trust
Contact Elder Law Lawyers today to book your consultation and determine which option would be appropriate for your needs.
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Get in Touch with Our Team
Living trusts are a valuable estate planning option for people looking to protect their assets and ensure a smooth transfer of wealth to their beneficiaries upon their passing. Our experienced elder law attorneys can help you determine if a trust is right for you.
Contact Elder Law Lawyers and set up an appointment for a no-obligation consultation. Together, we can review your documents and create a customized plan designed to protect you and your children from the stress and time-consuming nature of probate.