A living trust is an agreement by which you name a trustee to manage your assets. You can name yourself as trustee, and name a successor trustee who will take over when you are no longer able to. Like a will, you can name beneficiaries. The major advantage of a living trust is that the probate process won’t be necessary when you die. By avoiding probate, your beneficiaries can receive their inheritances more quickly, without the legal fees and lack of privacy the probate process brings. A properly drafted living trust can also provide for the supplemental needs of a disables beneficiary without making them ineligible for benefits. A spendthrift provision can preserve an inheritance when a beneficiary lacks the maturity to make wise decisions.
What are the advantages of a Living Trust?
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