What Goes In A Living Trust?
Aug 27, 2010 / By: Michele A. Tutoli, Estate Planning Attorney / Category: Wills and TrustsYou’ve probably heard all the buzz about the benefits of a Living Trust, but you may be wondering how it actually works.
A Living Trust is a separate legal entity that takes ownership of whatever assets you decide to put in it. So, if you transferred your home to the trust for example, then the deed to your home would be amended to read “Smith Family Trust” or something similar.
In addition, your personal belongings, your jewelry, fine art and just about anything else you own individually can go into your trust.
Then when you pass away, the assets are distributed to your heirs according to the terms set out in the trust documents.
And this is where a Living Trust really shines.
Instead of just distributing your assets in bulk, you can get creative and set up incentives for your heirs or structure the trust so that your beneficiaries live off the income from the assets without ever actually touching the assets themselves.
This allows you to create a legacy for future generations and ensure that all your heirs are well-provided for.
To learn more about structuring your own Living Trust, give us call today.
Armstrong, Fisch & Tutoli is a member of the American Academy of Estate Planning Attorneys.
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