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What is a living trust and how does it work?

At some point, Indiana residents should begin planning their estate. It helps to plan for the future and ensures that your assets and property go to who you wish to inherit it. You might want to include a living trust as one of your documents.

What is a living trust?

A living trust is a big part of estate planning that can help your loved ones in the future. It protects assets and property from going to probate. You can appoint a trustee to oversee your trust to so that your beneficiaries receive what you have left them upon your passing. You can also name a second person to serve as an alternate trustee.

It’s wise to include a living trust with your will. With a will, you can name beneficiaries who will eventually receive your assets and property. It also lets you name a guardian for your young children.

What are the benefits of a living trust?

Estate planning with a living trust gives certain benefits. You can hold assets and property in the trust to protect them for the future. If you’re incapacitated, it can continue to hold assets and prevent probate.

Living trusts go into immediate effect once signed and you add assets to them. They also carry more weight than a will. Unlike a will, they are less likely to be contested.

The trust remains throughout your lifetime. If you decide to make it a revocable living trust, you can make periodic changes to it. A living trust is a great tool for holding your assets and ensuring your beneficiaries get what you want to be rightfully theirs.