What is a Living Trust?
February 9, 2010
Establishing a will is virtually a necessity in this day and age, but a living trust is also a sound measure. The first question that people commonly have is “what is a living trust?” A living trust is created during a person’s life and serves as a means to save on taxes and manage property in the long-term.
The main purpose of a living trust is to avoid probate after a person’s death, which is a lengthy and costly process. It will also help reduce estate taxes and streamline the process of allocating the assets. Often times the living trust also has specific directions in the event that the person becomes incapacitated and is unable to communicate their wishes.
Tags: living trust, preparing for death