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There are many benefits in having a living trust.

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• Avoid Probate (a will has to be interpreted by the court)

• Avoid taxation on asset transfer

              (death tax can consume ½ of your wealth)

• Names Beneficiaries so there is not contesting by upset heirs

• If your spouse remarries, the new spouse can not take the money.

• Very flexible, uses common language.

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Avoiding Probate Court

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Probate is the legal process that performs the function of changing title of assets from a previous owner to the new owner.  Probate also validates any wills that the decease may have and protects creditors by ensuring that debts are paid.

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A Trust does not get validated by probate as long as there is a trustee to manage it.  Probate cost money; people have to be paid to interpret a will.  Probate can take time.  If an heirs want to contest the will, than the distribution of assets can be tied up until the courts have determined what they feel the decease would have wanted.   do it yourself living trust, trust fund, trust attorneys, trust attorney,

    do it yourself living trust, trust fund, trust attorneys, trust attorney,

Avoiding taxation

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Having a Trust provides protection against the Estate Tax (the death tax) when transferring your assets to another person.  The Estate Tax can be hefty; up to 50% on any amount over $1 million after 2011.  

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If your spouse remarries

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If your spouse remarries after your death, his/her new spouse is first in line to your assets.  If you want your children to have your assets after your spouse passes away you better use a Trust.  You name yourself as the Trustee, than name your spouse to be the Trustee upon your death, and then your children as the Trustee of the Trust upon your spouse’s death.  You can go on and on naming as many successor Trustees as you like.

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Flexible / Common language

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You can word your Trust anyway you wish.  For example:

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All assets are to be available for your spouse to use until she dies than all assets to be available to my children for health, education and support.  Any unused portion shall be distributed to my children when they reach the ages of: 21, 30 and 40.

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You can even have the Trust payout a percentage match to the beneficiaries own income.  Say you are afraid that a large amount of money may ruin you children, than you can state that for every dollar they claim as income on their federal tax return the Trust is to pay them 25 cents.

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You can word your Trust anyway you want.

   do it yourself living trust, trust fund, trust attorneys, trust attorney,