The Living Trust

Advantages of the Living Trust

• Avoidance of Probate - Probate is the legal process for transferring your property when you die. Establishing an RLT can be especially useful in avoiding expensive multiple probate proceedings when you own real estate or other property in several states. Assets named in trust avoid the costly courts and typically take precedence over the property designated in your will.
• Changeable or Revocable - The living trust allows you to make changes (or amendments) to the trust document while you are still alive.
• Privacy Preservation - Trusts allow the transfer of your personal assets to remain private within the constraints of the trust document. The probate process may expose your estate to the public.
• Eliminate Challenges to the Estate - The standard will can create family disputes at your death and be challenged for alteration by any member of your family. By using a trust, you can specifically disinherit anyone who challenges your wishes upon your death.
• Segregation of Assets - This is useful for married couples with substantial separate property that was acquired prior to the marriage.
• Assignment of Durable Power of Attorney/Guardianship - A living trust can be used to help control a guardian's spending habits for the benefit of your minor children. It can also authorize another person to act on your behalf if you become incapacitated and need someone else to make medical decisions for you.
• Continuous Management - This allows the wealth that you've accumulated to continue to grow for multiple generations by using a professional trustee to manage your property. You can limit the amount of withdrawals to income only, with special emergency provisions if you wish.

EEP II follows through on all actions for you until your individual plan is completed and you are comfortable and satisfied.  We then make our professional services available to you and your beneficiaries on an ongoing basis for any future questions, changes or assistance.

*IMPORTANT DISCLAIMER: Descriptions of trusts and other estate planning strategies are intended for informational purposses only. Due to the unique circumstances surrounding client's individual needs, EEP II strongly recommends all clients to seek legal and tax advice prior to implementing any estate plan. Tax and legal advice are not offered through J.W. Cole Financial, Inc.