This article will first cover: what is a living trust, and then provides further information to help you determine if you should have a living trust for your estate planning needs.
A living trust, revocable trust, or revocable living trust is a tool taking the form of a legal document that creates a living trust for identified assets.
In essence, it enforces your intentions after death, as if you were still alive.
A living trust will protect your assets from the intervention of courts.You skip the legal procedure that will expose your family matters to the public. In turn, you save on delays, lawyer fees, financial costs, and the whole hassle of a process.
This document can protect the last will and testament, but it cannot protect you from taxes. While the grantor is still alive, property and other assets entail income tax.