Our Weekly Tip: Write a Living Trust

Credit: familytrust4you.com

Our Weekly Tip: Explore the benefits of writing a living trust to help you manage and distribute your property both before and after your death. A living trust enables the settlor (the person who creates the trust: you) to transfer control of assets to another person (the trustee) in the event that the settlor becomes physically or mentally incapacitated, or wishes to voluntarily transfer control. Unlike a health care directive/living will, a living trust also enables the settlor to designate the transfer of property after his or her death. In contrast to a living trust, a will requires a period of probate after death and becomes a matter of public record, whereas with a living trust, the beneficiaries can receive assets without the involvement of a lawyer, and the information does not become public. Look at this excellent chart for a more detailed comparison.

How-to Suggestion: If and when you decide that the creation of a living trust is right for you, there are online forms and software available to guide you through the process step-by-step, often without the need for a lawyer.