A trust is just an entity that can own assets, such as real estate, bank accounts, life insurance, investments and even personal property.  A trust, unlike a person, will not die or become incapacitated.  Consequently, while you are alive and well you will retain full control of your trust and assets it holds, but at the time of your death or incapacity you will have designated a Successor Trustee who will then manage the trust at that time.  In the terms of the trust you can direct and define with some detail what the Successor Trustees are to do, even including how personal effects will be distributed following your death.  You can also define how and to whom the Trustee will be accountable.  A properly funded Living Trust can not only avoid probate, but it can also provide couples with basic estate tax planning to preserve and use both of their estate tax credits.  A well drafted and funded Living Trust can also be a very effective tool to provide for incapacity planning, remarriage protection, and division of assets as a part of the Medicaid eligibility process.

To learn more call 816.415.9455 today to schedule a free consultation!

Note: We DO NOT provide free reviews to persons seeking a review of unexecuted documents downloaded from the internet!  We DO NOT offer free legal advice.  We DO NOT respond to calls or e.mails to our office from those seeking free legal advice.  We DO offer a free initial consultation to those persons that are serious about establishing a proper estate plan or updating an existing estate plan.