Creating an Estate Plan with a Living Trust
Using a will as the centerpiece of an estate plan has one main drawback—the probate process. A will is a probate document and must be processed through probate court. This can delay the transfer of assets to beneficiaries for upwards of a year or more and include lawyer fees and court costs. Alternatively, a living trust does not have to go through probate court. The trustee simply transfers the assets in the trust to the beneficiaries. There are no court costs or lawyers fees required.
A revocable living trust, also called an “inter-vivos” trust, is created during the lifetime of the trustor. Trustors may also serve as trustees and manage their assets themselves while they are alive. Should the trustor become incapacitated, the living trust can also provide for the trustor financially. A living trust may be dissolved after the trustor’s death once the assets have been transferred, or it can continue to manage assets for beneficiaries. At Momkus McCluskey, LLC, our attorneys are experienced in creating living trusts that meet the needs of our clients and their beneficiaries.
Living trusts are increasingly popular these days because they provide privacy and avoid the probate process and may have some tax planning benefits as well. Trusts are more complicated than wills, however, and must be created by an experienced and knowledgeable attorney. Our attorneys examine the unique personal and financial situations of our clients to make recommendations tailored to their goals.
To schedule a consultation with an experienced estate planning attorney skilled in working with living trusts, contact Momkus McCluskey, LLC.