Living Trusts Compared to Wills

A living trust is different from a will in many ways. For one, a living trust takes effect immediately, whereas a will only goes into effect after you pass away. Additionally, with a living trust, you can name a successor trustee to take over if you become incapacitated. On the other hand, with a will, your executor would need to go through the court system to get authority to manage your affairs. Finally, living trusts are revocable, meaning you can change them at any time, whereas wills are generally not revocable.

If you want to change or revoke your living trust, you can do so at any time. You'll just need to prepare a new trust document and have it signed by all the parties involved. If the trustee passes away or becomes incapacitated, the successor trustee will take over. The trustor will then have a fiduciary responsibility to hold title to the property and other assets on behalf of the beneficiary or other third party.

Funding a Living Trust

To fund your living trust, you'll need to transfer ownership of your property and assets into the trust. This can be done by changing the deed to your home or another piece of property, transferring bank accounts and investment accounts into the trust, and changing the title on your car.

Generally, it's far less expensive to set up a living trust than it is to probate a will. The cost of setting up and maintaining a living trust can vary depending on your circumstances.

Leaving a Golden Legacy

Contact Golden Legacy Estate Planning Inc. to find out how to obtain a Comprehensive Estate Plan. Our experienced legal team can help you with a plan that includes a living trust and other documents that help answer such questions as:



• Who may handle your financial, health, and legal matters if you lack the capacity to do so
• Who receives your possessions when you pass away
• Who cares for your minor children if you're unable to
• Your end-of-life decisions and who can speak on your behalf

You work hard for your possessions; Golden Legacy can help you keep them in the family.