FAQ:

What is a living trust?

A fully-funded and properly maintained living trust-centered plan allows you to avoid many of the common mistakes and problems associated with traditional estate planning tools. A trust is a private contract between you as the Trustmaker and you as the trustee. Spouses often create a joint trust where they act as co-trustmakers and co-trustees. While you are alive and well you continue to control all assets in the trust because you are the trustee of your own trust. During your lifetime you also continue to be the beneficiary of all assets and income from the trust. When you die or become disabled, your trust will name the individual or individuals you would like to have control over your assets. These successor trustees are given power and authority over your assets by the terms of the trust contract. There is no need for property held in the name of the trust to pass through the probate court. You direct who is to receive the property, when they are to receive it, and who will be in control of the property. A living trust is sometimes referred to as a will substitute. A living trust is sometimes called a revocable living trust because it can be amended, changed or revoked by you during your lifetime.

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