Living Trusts Articles

Following are the benefits of a Living Trust. A Living Trust: Avoids probate, thereby avoiding delay, expense and the public nature of this formal proceeding of the Superior Court. Avoids the need for a conservatorship if you become incompetent or incapacitated. Offers potential tax savings. Can continue for the benefit of: Your loved ones; Minor children and elderly dependent parents; and, Adult children with drug or alcohol problems, mental, physical, or educational special needs, or developmentally disadvantaged adult children on SSI.

Summary of the advantages of a Living Trust Whether you are single, married, divorced, or widowed, if your assets exceed $184,500 (or any amount if real estate is involved), your heirs will be forced to experience probate unless you have established a Living Trust. Avoid the delays of up to two years or more for settling the estate. No 120-day waiting period for notice of creditors. No need to file petitions and reports to the probate court as with a Will. The Trust can enable your heirs' income to continue without interruption after your death. All property or income is ... Read More

Following are the disadvantages of a Living Trust. Living Trusts usually: Cost more to prepare and fund than an estate plan involving just a Will. Transferring assets to the Trust involves costs and paperwork (recording deeds and the like) not required for less elaborate estate plans, such as a Will. Administration of an Exemption Trust or Credit Shelter Trust (defined below) can involve additional effort for the surviving spouse. Refinancing real property that is owned by a Trust may require removing the property from the Trust before the refinancing, and then titling it in the name of the Trust after ... Read More

Yes, for two very important reasons: As a safety net to "pour" assets into your Trust in case you have forgotten to put an asset into it. To provide for the care of your minor children or other dependents.