A living trust may be the right choice for some consumers but it is not the right choice for all consumers. This article looks at some of the more common issues associated with living trusts.
First of all, it should be understood that a living trust is not the same as living will. They are two different things and should not be confused, one with the other. A living trust is a legal document that ensures that a person’s property is dispersed according to his or her wishes upon death. It can also be used to include issues concerning minor children and who the deceased wishes to have as guardian for those children.
A living will, on the other hand, is a legal instrument that carefully details the types of medical treatment a person wishes to receive, or not receive, should that person become incapacitated through illness or injury.
When you work with a living trust, you actually transfer ownership of your assets to the trust. You then appoint someone to act as the trustee and that person will administer the trust. The trustee may be a family member, attorney, friend, or even a business establishment such as a law firm.
By having a living trust,...
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