A living trust is a legal arrangement created by a trust agreement – a legal document that designates someone (the “trustee,”) to hold assets for the benefit of others (the “beneficiary” or “beneficiaries”). The person who creates a trust is known as the “settlor” or “grantor.” A trust agreement can greatly expand your options when it comes to the distribution of your assets during your lifetime and afterward, including designating conditions for those distributions, establishing the timing of payments to beneficiaries, establishing guidelines for the use of trust funds or other property, holding property, and potentially avoiding the need to process a will through probate.” Living Trusts provide flexibility in planning for the unknown, by giving guidance to a trusted person to use the funds after your death consistent with your wishes today. A well-thought-out trust agreement can greatly simplify matters for your family upon your passing and provide support to individuals chosen to act as guardians for your dependents.

If you would like to learn more, please contact one of our experienced estate planning attorneys.

Michael J. TerBeek