Understanding Living Trusts | Estate Planning & Legal Forms

Understanding Living Trusts

What is the difference between a will and a living trust?

In a will, you can state how you want your property to be distributed to your chosen beneficiaries, and the affairs will be handled after your death. It is somehow similar to but different from a living trust, which can already benefit you while you are still alive.

You can manage your property before and after your death through a living trust. You can also state in a trust how you want your property to be distributed after you die, so in a way it is similar to a will. Through a trust, you can manage your financial affairs. Your property and assets can be transferred to your trust and, after you die, the remaining property can be transferred as well through a Pour-Over Will. Making a Pour-Over Will along with your living trust is very much recommended. Mistakes, of course, cannot be avoided, and should you wish to make additions, as well, you can still make corrections to your living trust.

The property is owned by the trust, but is managed by one person, or persons, or even by an organization. However it is done to benefit another. The settlor is the creator of the trust and the trustees are the people who will inherit the property, and who are considered its legal owners. The settlor can also choose certain individuals or organizations in his/her trust to become beneficiaries, and who may also benefit from the property.

There is also such a thing as a joint living trust, where the assets of a husband can be combined with his wife?s in a single trust governed by a single trust document. It is recommended that you consult a lawyer or an attorney if you need help because there are complications in living trust issues, and you want to avoid them as much as possible.

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Source: http://outlook.ws/understanding-living-trusts/

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