Reasons You Should Set Up a Living Trust Now

A living trust is an arrangement under which you (the grantor) transfer legal title, but not ownership, of certain assets to a trustee. The trustee then holds and manages these assets for your benefit or for the benefit of someone you designate.  As long as you have the mental capacity to do so you can terminate this trust at any time. You may also opt to continue the trust after your death for the benefit of someone else. There are many benefits to establishing a living trust. Here are some that could benefit you:
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Defining a Trust

Oftentimes we are asked to define a Trust. I believe that Judge William Rhodes Hervey best described the essence of a Trust-

“It protects the living and serves the dead, befriends the widow and orphan, guides the aged, strengthens the weak, curbs the imprudent, represents the incompetent, advises the hesitant, plans for the inexperienced, encourages the timid, administers to charities, gratifies its claim to be an incorruptible friend. It is the best friend of many households, the repository of many confidences, the instrument to motivate the cherished plans of those who cannot live to do so.”
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Who Should Be My Trustee?

A trust can provide benefit for one individual’s lifetime and then terminate or benefit many individuals for several generations. Who should act as your trustee? How much power should you give your trustee?Your trustee can be an individual such as a friend or family member or your trustee can be a financial institution. Your trustee(s) can be a combination of an individual and/or an institution such as an independent trust company. Continue reading “Who Should Be My Trustee?”