Living Trust or Probate – Pros and Cons

Estate planning for seniors, for parents who have children with special needs, and for anyone else includes considering the possibility of using a living trust. A living trust is something that is formed while the person who is distributing his/her assets is still alive. An irrevocable living trust means that changes to the trust cannot take place. A revocable trust means the trust creator can change the trust terms including revoking the trust altogether. For living trusts, the creator of the trust can also be the creator. A successor trustee, such as a spouse, can act as trustee when the creator of the trust dies. Living Trusts Help Avoid Probate If a senior or anyone thinking about their assets uses a trust agreement, it may be possible to avoid probate and estate administration. Probate is used to validate a will and to determine who will be the executor or the will. If there is no will, then probate is a way to determine who will be the administrator of the…

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