Estate Planning

A Living Trust, which is an agreement between the person creating the Trust who can be referred to under different terms such as Grantor or Settlor and a Trustee who holds the assets for the benefit of one or more beneficiaries. The same person may serve as the Grantor, the Trustee and the Beneficiary. A Living Trust is a written document and sets forth in the document the assets that are going into the Trust, the duties, obligations and powers of the Trustee.

The Living Trust serve many purposes, some of which include designating who will receive the Grantors Estate on his or her death; the Grantor can put restrictions as to when a Beneficiary, might be entitled to the Income and/or Principal of the Trust, which cannot ordinarily be done in a regular Will. Other uses for a Living Trust is to avoid Probate; it serves as a consideration in estate tax planning, etc. There are many advantages and disadvantages of using a Living Trust. But this is something you should discuss at length with your Attorney.