I saw this on Facebook: “Does anyone have any info on what a living trust is? I have heard it’s a really good thing to do but don’t really know the purpose of it. Any info would be greatly appreciated.”
Here is my response:
A living trust is a legal document designed to manage your assets so that you avoid probate and estate taxes when you die. Additionally, if you become incompetent during your life, your assets can be managed by someone else. A trust works like a wagon: it holds your assets, and someone pulls the wagon and decides what happens to the toys. That person is the Trustee, which can be you or someone else. This way, when you die or are unable to manage your own money, someone else can take care of all your assets. The Trust is the instructions telling the person who is “pulling your wagon” what to do with the toys when you are alive and when you die.
I hope this helps explain what a living trust is. If you want to get all your affairs in order and have a Living Trust that will take care of you and your assets both during your life and after your death, give me a call.
