A living trust, also known as a revocable trust or revocable living trust, directs what should happen to your property in the event of your death or mental disability. While alive, you remain in control and can change the trust at anytime. Upon becoming mentally disabled, you can plan for who will take care of you and your trust assets so that you can avoid having to setup a guardianship. Upon death, a living trust and all the assets within it avoid probate, a legal proceeding which is costly, time consuming and public record. A living trust is also a very efficient way to do tax planning to ensure that you (and your spouse) pass assets in the most tax efficient manner to your beneficiaries. However, a living trust is only effective if it is properly funded (all assets are titled in the name of the trust or beneficiary designations point to the trust). A living trust is considered a Will substitute.
There are many other trusts as well that allow you to pass assets in a tax efficient and asset protected manner to your beneficiaries. Our lawyers are pleased to offer our experience in all aspects of trusts. We understand that every client’s goal is to ensure that personal and financial affairs are appropriately handled upon death or mental disability.
Call us at 904-998-9733 to set up a consultation.