Living trust is created during life, usually by an attorney who prepares a trust document detailing the arrangements and terms of the estate, with the trustee appointed to manage the personal assets of the settlor during his or her lifetime and transferring them to his or her beneficiaries upon death.

There are generally two types of trusts, Revocable and Irrevocable, and most living trusts are the former, meaning they can be amended or revoked at any time while the settlor is alive.

How do I retain control of my property?

Most living trusts are revocable trusts, so the settlor retains the power to substitute the trustee, revoke the trust property, change the beneficiary, and revoke the trust at any time. Typically, the settlor will name himself/herself or his/her spouse as trustee and a successor trustee. In this way, although the property is placed in trust, the trustee has full control over the property.

Can I avoid estate taxes by creating a living trust?

Usually a living trust is revocable, which means the trust can be changed or revoked at any time after its creation. If you need to avoid estate taxes, you may consider setting up an irrevocable trust.

What are the benefits of setting up a living trust?

Prevent family conflict and avoid the probate. The U.S. Probate is lengthy. Using a trust can avoid the complex probate procedure and expense.

Who needs a trust?

Trusts have become a common need and the most typical groups include”

● Couples with minor children

● Couples without children

● Unmarried people without children

● Blended families