What Is a Living Trust?

Living Trusts have been used for hundreds, in some forms even thousands, of years. As little as a few decades ago, only the wealthy had Living Trusts. During that time it cost as much as $25,000 to $40,000 to prepare. Today, thanks partly to the development of the word processor, it is much more accessible to the common public.

A good Living Trust could take as many as 30-40 pages of legal work, so to describe every detail may be too much. So, essentially, here is what those mass pages of documentation can help do for you.

Living Trusts are really just a way of creating a separate entity to own, manage and disperse property. Legally this can do a lot of great things for you. It can help avoid probate, a costly and time consuming legal headache. It can help minimize estate taxes, avoid Joint Tenancy problems, and plan for disability that may occur even before you or your spouse dies. All while still allowing you to control and manage your assets, and maintain your privacy.