Living trusts are common techniques for transferring wealth, providing an opportunity to invest the assets of your choice for the benefit of the heirs. It requires the designation of a trustee to manage the account and offers several hard-to-beat benefits. The following answered questions should provide the information you need to begin the estate planning process.

4 FAQ About Living Trusts

Can I become my own trustee?

Grantors do have the ability to serve as their own trustee as long as they list a successor. This protects against the potential for mental incapacitation, allowing the other person to take over the account and continue managing the funds until the time comes to distribute the assets.

What’s the benefit of a living trust?

It’s an estate planning technique that prevents beneficiaries from going through probate court, which can take months to complete and cause additional expenses. Instead, once the trustee has paid off all debts, they’ll reach out to the individuals whose names are on the document and complete the transfer.

Is there a difference between revocable and irrevocable trusts?

Revocable trusts can change throughout your lifespan, including complete revocation, if a beneficiary is suddenly found unfit to receive the assets. Irrevocable trusts are permanent and will remain in the trustee’s hands until the time comes to distribute the inheritance.

Do I still need to construct a will?

Only if you have property and other assets that are not included in the living trust. Without the proper documents, the state will pass them along to the next closest relative. Taking this extra step in the estate planning process is an easy way to make your wishes known and ensure that everything gets to where it needs to go.

If you’re interested in creating a living trust, reach out to Andrews & Pontius, LLC in Ashtabula, OH. They have provided quality legal counsel for over 20 years and are recognized as one of the most prominent estate planning law firms in the region. Their attorneys understand the unique circumstances of each case and will personalize their services to suit your needs. Learn more about the process of creating wills and trusts by visiting their website. Call (440) 998-6835 to schedule a consultation.