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What is a Living Trust?

Transcript

By Phillip B. Rarick, Weston Trust Attorney

Within the past 10 years, the Living Trust has replaced the Will as the best way to care for you and your loved ones because it can avoid the fees, cost, and stress of court intervention in the event of mental incapacity or death. A living trust is simply detailed, legally binding instructions. There are three key players in a trust. First, the Grantor who is the person that makes the trust. Second, the Trustee, whose job is to strictly follow the trust instructions. Third are the Beneficiaries. The Trustee’s fiduciary duties run like a laser beam to the beneficiaries: every penny of the Trust must be used in the best interests of the beneficiaries. Initially, you can act in all three roles in your living trust: You can be the trustmaker, trustee and beneficiary. Your spouse, children, or other loved ones can also be beneficiaries. Your living trust is revocable – you can change your trust instructions anytime you wish. Do you have detailed, legally binding instructions to care for you and your loved ones? Do you have a living trust? It is essential that your trust is tailored to your family’s unique needs by an experienced Weston estate planning and trust attorney. Let us know if we can help.