The Living Trust (sometimes called “Revocable Living Trust”) is a method of estate planning with many important advantages. A Living Trust avoids the common traps of Joint Tenancy Ownership, and unlike a Will, can control all of your assets both during your lifetime and after your death.
Here is what a Living Trust can do for you:
A Living Trust eliminates a Living Probate
Should you become incapacitated (unable to manage your affairs), your Living Trust avoids the need for a court-conservatorship. The successor trustee you’ll name in your Living Trust will step in and manage your affairs without court action and without unnecessary expense.
A Living Trust avoids Death Probate
With a Living Trust, your assets will go directly to your beneficiaries after your death. There will be no probate fees or court costs. There will be no unnecessary delay in distributing your assets, and all your estate planning goals will be completely private.
A Living Trust can reduce or eliminate the Federal Estate Tax
Proper Estate Planning can make sure that a married couple’s estate gets two exemptions.
A Living Trust allows you to direct how your estate is managed and spent even after your death
Your trust can provide that after your death your assets can be distributed outright to your children. However, if you wish, your Living Trust can provide for the care, support, and education of your children by turning over assets to them at an age chosen by you. Even life insurance proceeds can be paid to the trust, and if that is done, your successor trustee can also manage the insurance proceeds for the benefit of your family.
A Living Trust can protect your spouse and also your children of a previous marriage
Your surviving spouse, as well as your children from a previous marriage, can receive fair treatment and protection under the terms of your Living Trust.
A Living Trust can see that your wishes are carried out and are not subject to attack
Your Living Trust may contain a “No Contest clause” which may deter grasping heirs from attacking your estate plan.
A Living Trust gives you peace of mind
When your Living Trust is completed, you and your family will know that your estate will be managed by someone you have selected, and will be distributed to the beneficiaries you have named, in the manner you decide on.
Who needs a Living Trust?
Thompson Painter Law, P.C. provides provides quality estate planning services and documents for Montana clients. We assist people who want to protect their families from the devastating legal effects of incapacity, death and taxes.
If are are wondering if a Living Trust would be beneficial for you or your family, call our office: 406-294-4230 or 1-800-814-1248, M – Th 8-5 and Friday 8-3 (closed over the noon hour). Ask for our free initial telephone interview. One of our staff members will ask you some no-obligation questions to determine if our estate planning services can help you and your family.
Or send us an email with your telephone number and estate planning concern. Our staff will contact you during our business hours.