A Living Trust:
Why Is It Important?
A living trust is a legal document that is outlined by you (termed the Grantor) to detail your wishes regarding your wealth, assets, and belongings. Further, it avoids the complicated and costly process of probate and the courts. In the case of a Living Trust, your Trustee is given the power to hold legal possession of assets after your death or incapacitation and has the power to distribute the property strictly under the terms of the trust to your beneficiaries without probate court.
Choosing the option of creating a Living Trust is best for those who have complicated business interests, property in multiple states, or intricate personal or financial situations.
Avoid Probate With A Living Trust
Your last wishes are mentioned in the legal will documents which differ from a trust. To execute the will, a process called probate will start where the court will confirm that your last wishes mentioned in the will are successfully carried out. Nonetheless, there are reasons why you should avoid this probate process:
In most cases, the probate of the will can be a lengthy process
The probate process can incur unnecessary expenses
Your estate will be publicized as it would be presented during the court proceedings
A realistic solution to all the above issues is to make a Revocable Living Trust.
A Revocable Living Trust is like a will, you can change the terms of the trust or revoke it anytime, while you are alive.
Upon your death or incapacitation, your successor trustee will have the full authority to manage your assets, such as real estate, jewelry, heirlooms, bank accounts, and much more, without entering into probate court proceedings.
Types Of Trustees
There are distinct types of trustees solely depending on your wishes and your estate plan. While a trustee service prepares your living trust documents, you should select the right type of trustee to avoid any type of future confusion. Here are the three types:
Sole trustee has the only or solitary right and responsibility to manage the trust assets. Here, the trustee (sole) can use the power without any input from the trust beneficiaries.
In contrast to sole trustees, the co-trustees share their responsibility to manage the trust. In simple terms, they jointly manage the assets of the trust, and they must sign all the documents together.
After the death or incapacitation of the grantor of the living trust, the successor trustee is responsible to take care of all the major roles like distribution of assets.
Types Of Trusts We Offer
Wealth Protection and Transfer
Living Trusts (Revocable Trusts)
Irrevocable Life Insurance Trusts (ILIT)
Spousal Lifetime Access Trusts (SLAT)
Grantor Retained Trusts (GRAT, GRIT, GRUT)
Intentionally Defective Grantor Trusts (IDGT)
Health and Education Exclusion Trusts (HEET)
Qualified Personal Residence Trusts (QPRT)
Charitable Remainder Trusts (CRAT, CRUT)
Charitable Lead Trusts (CLAT, CLUT)
Special Needs Trust
Third-Party Special Needs Trusts
First-Party Special Needs Trusts
Marital and Family/Credit Shelter Trusts (A & B)
Qualified Terminable Interest Property (QTIP) Trusts
Generation-Skipping Trusts (GST)
Qualified Domestic Trusts (QDOT)
Testamentary Trusts (trusts created by your Will)
Why Monday Morning Trust?
When drafting a will, you should look for a stellar full-service firm that will assist you in creating an affordable will package. The legal document assistants at Monday Morning Trust offer over 23 years of expertise in planning and settling estates in the USA. Plus, they have a unique collaboration with other multiple firms and legal professionals who engage in detailed information-gathering sessions to make sure that everything in your document is accurate.
What Clients Say
"Brad was communicating with us every step of the way. He explains things in a way that is easy to understand. I have recommended him to several of my friends, and they are happy with him too".
Lyle Wilkes, Retired Pilot, Palm Desert
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