What is a living trust?
A trust is any arrangement in which a trustee holds the legal title to property for someone else. A living trust is a trust that you create and that goes into effect while you are living rather than after your death.
What are the advantages of a living trust?
Any property that is left through an independent trust does not have to go through probate court when your assets are distributed after your death. Unlike a will, a living trust is not made public after your death. The more complicated that your living trust is, additionally, the more likely you are to receive additional benefits including the reduction of estate taxes.
How much of a hassle is it to create a living trust?
Depending on where you live you will be able to create a living trust on your own. However, consulting an estate planning attorney is often beneficial.
Do I still need a will if I have a living trust?
In a word, yes. A will is necessary to address any property that is not included in the trust and how you want it to be distributed after your death.
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