why should i use a living trust
TRANSCRIPT
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ANNAPOLIS • MILLERSVILLE • BOWIE • WALDORF
WHY SHOULD I USE A LIVING
TRUST?
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DON'T MAKE ASSUMPTIONS
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People often make assumptions about estate planning that are
not accurate.
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One of them is the notion that you cannot benefit from a trust if you are not extraordinarily wealthy.
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This is really not the case.
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AN EFFECTIVE ESTATE PLANNING TOOL
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There is a type of trust that can be useful for reasonably successful people who are not among the
financial elite.
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This would be the revocable living trust.
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NO WORRIES
Another misconception that people sometimes entertain is the idea that you lose all control of
assets that you convey into a trust.
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For this reason, they shy away from the possibility of trust creation.
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In fact, you maintain full control of assets that you convey into a
revocable living trust.
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You can act as the trustee and the beneficiary, and you can revoke the trust entirely if you ever choose to
do so.
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INCAPACITY
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A significant percentage of elders become unable to handle their own
finances at some point in time.
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Incapacity can strike as a result of various different causes, but
Alzheimer's disease is very common among the oldest old.
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When you have a living trust, you could empower a disability trustee
to manage the trust if you ever become incapacitated.
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SUCCESSORS
As we have stated, you can act as the trustee and the beneficiary while you are
alive and well.
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Ultimately, you want the assets in the trust to go to your heirs after
your passing.
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In the trust declaration, you name a successor trustee to administer the
trust after you are gone.
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You also name successor beneficiaries.
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SELECTING A TRUSTEE
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You may naturally assume that you should name someone that you know personally to act as the trustee after you pass away.
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This is perfectly allowable, but many people will use a corporate
trustee.
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Banks and trust companies offer trust administration services, and this is an option that is available
to you.
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DISTRIBUTIONS
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You control the nature of the distributions that will go to the beneficiaries after your death.
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If you want to, you can have the trustee distribute limited ongoing
income over an extended period of time.
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This would prevent your loved ones from spending their inheritances
too quickly.
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ASSET PROTECTION
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While you are alive, assets in a living trust would not be protected
from creditors or litigants.
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However, after you die, the trust would become irrevocable.
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You could include a spendthrift provision, and there would be a level of asset protection for the
successor beneficiaries.
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ARE YOU READY TO TAKE ACTION?
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If you are interested in the possibility of creating a living trust,
our firm can help.
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Give us a call or send us a message through our website if you would
like to set up a consultation.
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Or visit our website www.sinclairprosserlaw.com
Nicole Livingston
Jon J. Gasior
Colleen SinclairProsser
Victor A. Lembo