Living Trusts

by M-Gillies

You create a living trust while you’re alive, rather than one that is created at your death under the terms of your will.

With the cost of dying becoming more and more expensive and complex, many people are bombarded with various options of handling their estates, not only after they have died but also while they’re still alive.

From mortgage life insurance and funeral insurance to executor of the estate and living trusts, it seems even after one passes, beneficiaries have to succumb to the bureaucracies of death. While the process of organizing a loved one’s estate can be a tiring task, there are options to ease the stresses of loved ones before we are no longer eligible for census. One particular option is in the form of a Living Trust.

Simply put, a Living Trust is an appointed individual, known as a trustee, who holds legal title to property for another person, known as the beneficiary. With a Living Trust, you are able to avoid the process of probate court, which tends to drag on for months before inheritors receive anything. The main purpose of probate court is to supervise the process of paying any remaining debts and distributing property to the people who inherited it.

However, if you transferred your property into a living trust, the successor trustee (the person appointed to handle the trust after your death) transfers ownership to the beneficiaries as named in the declaration of trust document.

Read more:

What is a Living Trust

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