LifetimeTrusts

 

Living Trusts are specifically designed to protect your assets for you during your lifetime. They give you the peace of mind that your estate can be passed on securely and intact to your spouse, your children and their bloodline, or other named beneficiaries, after your death.

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What is a Living Trust?

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• A Living Trust is a lot like a Will, in that you set out your wishes about your assets and your heirs.

• However, a Will only becomes effective when you die and after the probate process.  A Living Trust is effective while you are still alive.

• You can place many assets into a Living Trust, such as property, savings and investments.

• The Trustees will take control of the assets immediately, which can be very beneficial to you and your family in certain circumstances.

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What are the benefits of having a Living Trust?

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• A Living Trust bypasses the time-consuming process of probate and assets can be managed without the need to wait for the Grant from the Court.

• If the Settlor wishes, the Trustees do not have to wait for the Settlor to die to provide assistance to the beneficiaries.  They can see their beneficiaries benefit during their lifetime.

• You can place your assets in a Trust to make sure your beneficiaries receive them at a time that’s right for you and for them.

• You have complete control – you decide on the trustees and what they can and cannot do.  This is beneficial if at some point in the future you are unable to manage your financial and legal affairs due to incapacity such as dementia.

• A Living Trust can protect your share of assets for your children in the event that your partner should marry or co-habit after you have gone.