What Are Living Trusts?

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Do you want to get a better idea of what services estate planning attorneys offer? Assets like homes, stock, rental properties, and certificates of deposits are considered probate assets, which can include a lengthy process for the family to gain control of. Some people create living trusts to prevent their families from going through this process. So what is a living trust?

A revocable living trust can be changed at any time and will include the probate assets mentioned earlier. This saves heirs from needing to go through the lengthy probate process.

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The trust will state who’s in charge of the trust upon death, called the successor trustee. A living trust essentially replaces a will. The successor trustee, typically a family member will be responsible for distributing the assets in the trust in accordance with what you set.

This is something that estate planning attorneys can help with. If you still have probate assets in your name upon death, you’ll need a will in addition to your living trust. These are just the basics of what a living trust can offer. If you’re interested in learning more, watch the video above or reach out to estate planning attorneys in your area.

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