What is a Living Trust?
A Living Trust is a legal document that states who will receive your estate upon your passing. It tells the Trustee how to handle, control, and eventually distribute your assets according to your wishes. Furthermore, it must be prepared according to legal standards and procedures. A Living Trust can also be called a “Revocable Living Trust” or a “Family Trust.”
Generally, the Grantor is the person creating the Trust. The Grantor then transfers the title of his or her property to the name of the Trust. A Trustee is appointed by the Grantor during the creation of the living trust. The Trustee will manage the property until a specified event changes the Trustee. Generally, the Grantor is the Trustee until the Grantor’s death. This means that the Grantor maintains control of the Trust and assets transferred into it.
A Living Trust can be easily amended or changed as long as the Grantor is still alive and of sound mind and memory.
Incapacity or Disability
A Living Trust can also be used to plan for an incapacity.
Planning for an incapacity is akin to retirement planning. Nobody likes to ask the question, “What happens if I become disabled?” But having a plan in place to deal with that contingency is the best idea. Most adults are concerned about maintaining their lifestyle and standard of living. How their assets are distributed come in second to this. The Living Trust handles matters during the life of the Grantor and distribution of the estate upon that person’s death.
How We Can Help
At the Law Offices of Ryan N. Hejmanowski, P.C., we take a comprehensive approach to planning your estate, including maintaining your existing estate plan. We can review your current plan and identify any gaps that may be in your current estate plan. We then work to fill those gaps and ensure that your life’s work is cared for the way you want. When you come to our offices, located in Frankfort, we will make every effort to ensure you are completely protected.
Contact us today and secure a Frankfort estate planning attorney to draft the best estate plan for you!