A living trust is a legal document stating how an individual’s assets are managed while they’re alive. The purpose of a living trust is to simplify the distribution of the individual’s assets upon their death. What is unique about a living trust is that it is capable of holding ownership of the individual’s assets while that individual is still living. The living trust designates (at the direction of the individual) the people who inherit these assets once that individual has passed away.
Living trusts can include almost any asset and can even be the beneficiary on accounts. Some common examples of assets that are put into trusts are:
- real estate property,
- bank accounts, virtual assets,
- vehicles,
- precious jewelry, and
- fine art.
Living trusts are ideal for individuals want to avoid probate and to control the distribution of their assets.
A living trust is meant to streamline the process of managing and transitioning the assets and affairs of a person who’s nearing the end of their life, if done early enough, a trust may protect your assets from Medicaid.
You can schedule a consultation with a member of our estate planning team to learn more about a living trust and whether or not you should have one. Just call (740)346-2899.