A living trust or revocable trust is a legal document that is used to pass on your assets to your beneficiaries upon your death. Thus, it accomplishes much the same results as a will. Like a will, it is revocable at any time during your life. Also, like a will, it allows you to retain control over your assets during your life and affords no direct tax advantages. However, it does have a few advantages over a will and a few disadvantages, as well.
The main advantage to using a living trust instead of a will is that it allows your assets to be passed to your beneficiaries automatically upon your death, without any delay, probate, court intervention, or lawyer’s fees. To many people, this very important advantage outweighs any disadvantages. Another advantage is that it is much more difficult to challenge a living trust in court than it is to challenge a will. Finally, a living trust is a more private document that only needs to be recorded with the county recorder in the event that real estate is transferred with such a trust.
Perhaps the most important disadvantage of using a living trust is the need to actually transfer to the trust all of the property intended to be put in trust. This requirement and the need to keep accurate trust records make the actual mechanics of a living trust more complicated than simply preparing a will.
These Living Trusts Kits have been prepared by experienced attorneys to provide you the step by step guidelines and model forms to tailor a living trust to your unique situation, in compliance with governing laws. They include living trust related forms, for single and married persons, with or without children, as well as forms to amend or revoke an existing living trust.
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