Understanding a Living Trust

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February 19, 2014

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It doesn’t matter how old you are, how much you own, or if you’re married or single. If you own titled assets and want your loved ones to avoid the problems of court interference at your death or incapacity, you should consider a living trust. Many people already have a Will, but a Living Trust offers substantial advantages. A living trust is a legal document that, just like a will, contains your instructions for what you want to happen to your assets when you die. But, unlike a will, a living trust avoids probate at death, can control all of your assets, and prevents the court from controlling your assets at incapacity. When you set up a living trust, you transfer assets from your name to the name of your trust, which you control. Legally, you no longer own anything, so there is nothing for the courts to control when you die or become incapacitated. The concept is very simple, this is what keeps you and your family out of the courts.

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