Living Trusts — What Are They?
I like to call a living trust a “paper bag that holds your property, with the instructions written on the outside of the bag.” You are usually your own primary trustee, with the benefits and control of the property during your lifetime. In the event of your disability or death, your designated successor trustee can take over and follow your instructions.
There are a lot of misconceptions about living trusts. They are often overhyped, overpriced and oversold, particularly when promoted by nonlawyers. For one thing, they do not hide your assets from nursing home expenses anymore; for another, a good half of all people with living trusts end up with a probate anyway — because they forget to put everything in the trust. This is why there should almost always be a “pourover will” accompanying the trust as part of your estate plan — to be sure any forgotten or subsequently acquired property gets handled according to your wishes.
Having A Trust May Not Be Enough. I Can Help You With The Rest.
A trust is a good place to start planning, but, without supporting documents, you may not be as protected as you think. Learn what documents you need to ensure you have a comprehensive plan. Call 612-722-1001 or request a free consult online. At David K. Porter, I pride myself on keeping my fees reasonable and services affordable. Do not let money stop you from doing what has to be done.