What Is a Living Trust?
THE LIVING TRUST AVOIDS PROBATE.
The Living Trust is a written instrument created to allow a person to control the fate of his or her estate. The chief reason for creating a Living Trust is to avoid the frustration and the high cost of probate. The Living trust is also created to manage property of the owner during his or her lifetime and after the owner’s death.
Unlike a will, that must go through probate and cost the estate up to 30% to70% or more of its value. Upon the death of a person with a Living Trust the estate by-passes probate and passes directly to the heirs and beneficiaries as designated by the deceased prior to his or her death. The heirs have immediate access to the assets of the estate, including Home, Cars, Boats, Cash, Bank Accounts, Income and any other property or liquid assets of the estate. The estate of a person with a Living Trust can be settled within minutes without an attorney and without the frustration and high cost of probate.
A trust that, during the trustor’s lifetime, may be revoked by the trustor, without the consent of any other person, so that the corpus of the trust is returned to the trustor or his/her designee.
Irrevocable Living Trust:
A trust that, during the turstor’s lifetime, cannot be revoked (cannot be changed) by the trustor or by any other person, unlike the Revocable Trust where the corpus of the trust can be returned to the trustor or his/her designee. The corpus of the irrevocable trust must remain in the trust until the trustor’s death, at which time the surviving trustee must distribute the property according to the terms of the trust.
Who should have a Living Trust?
Almost everyone needs a Living Trust, if you own Personal or Real Property valued at $10,000 or more depending on your state or if you want to insure that your heirs or love- ones receive your property without the loss of 30% to 70% or more of its value, “you need a Living Trust.
The CAPA Living Trust Service
Other Living Trust and Personal Services:
- Personal Financial Reorganization
- Power of Attorney -General
- Power of Attorney -Financial
- Power of Attorney – Health Care directive
- Temporary Guardianship Authorization