In law, there are many terms that provoke confusion about their meaning, especially to those who do not have a law degree. There are, however, some exceptions. In the case of trusts, the term describes very well the meaning and the intentions associated with them. A living trust, which can also be known as a revocable trust, is a means of placing assets aside for the benefit of another person; the assets are then transferred to that person upon the death of the person who set the assets aside.
What is a Living Trust?
A living trust can ensure that your wishes for your estate are executed. When you place your assets into trust for an heir while you are still alive, you can be sure that your heir will receive these assets upon your death. In that sense, then you can trust that your heir will be given the kind of care desired should anything happen to you.
Kallemeyn & Kallemeyn can help you establish a living trust so that you can feel confident that your assets will go to the person or people you intend to benefit from them. A living trust can also be especially useful when the trustee is too young and/or inexperienced to be responsible for the assets. It is also helpful to establish a living trust if the trustee has a disability that limits their ability to be responsible for the assets.
Establishing a living trust can prevent a number of complications and can help avoid issues with probate. Living trusts can also ensure the protection of privacy and answering questions about estate and income taxes. But it is important for you to know that a living trust may not be the best solution in all cases. The team at Kallemeyn & Kallemeyn is knowledgeable about the benefits and limitations of living trusts, and we can be enormously helpful as you work to determine the best course of action in caring for your heirs and ensuring the proper distribution of associated assets.
Experience Estate Planning Attorney
Kallemeyn & Kallemeyn understands the nuances and subtleties of the law as it pertains to trusts. When they provide you with a summary of their experience, it is likely that many of your questions about trusts will be answered. And when they apply their knowledge of the law pertaining to trusts to your specific circumstances, you will feel empowered to make the decision that is right for you and your heirs.
To schedule an appointment to learn more about living trusts, call Kallemeyn & Kallemeyn at (763) 427-5131.