Here are 5 questions you should consider asking and understanding if you’re thinking about a living trust.

1. Why is a living trust beneficial for my specific situation?

You will want an understanding of how a living trust can address your unique circumstances, such as asset protection, avoiding probate, or minimizing estate taxes. Our team can help!

2. What assets should be included in the living trust?

We can help you gain clarity on which assets are suitable for inclusion in the trust and how the process of transferring these assets into the trust works.

3. How does the funding process work for the living trust?

We will discuss the steps involved in funding the trust, including transferring titles, updating beneficiary designations, and any ongoing responsibilities you may have to maintain the trust’s effectiveness.

4. What are the responsibilities of the trustee and successor trustee?

You will want to learn about the roles and responsibilities of the trustee during your lifetime and the successor trustee upon your incapacity or passing. This includes managing assets, distributing income, and handling trust administration.

5. Can the living trust be modified or revoked, and under what circumstances?

We can help explain the flexibility of the living trust. We’ll discuss whether it can be modified or revoked, and explore the conditions under which changes can be made to accommodate any potential changes in your life or financial situation.

These questions will provide a foundation for a comprehensive discussion about your living trust. We can help tailor them to your specific needs and circumstances for a more personalized consultation. Want to learn more? Our team is standing by.