Estate Planning : Living Trusts

Living Trusts serve many of the same purposes as wills, in that they specify the distribution of a client’s assets at their death. The primary difference between wills and living, or revocable trusts, is that a living trust may avoid the probate process, under which assets distributed by will may be subject. A living trust which has been funded with a client’s assets during their lifetime will not be subject to probate, and, in many instances, may be available for distribution to the decedent’s heirs earlier than assets involved in a probate proceeding. Further, living trusts may avoid the need for a guardianship proceeding, if the grantor of the trust becomes incapacitated during their lifetime. As with wills, living trusts may also include trusts established for minor or disabled adult children, and may also include marital and family trust provisions designed to eliminate or reduce estate taxes for clients with larger estates.