A living trust, also known as a revocable living trust or a family trust, is a legal document that holds title or ownership to your real property and assets. When you create a revocable living trust, you transfer ownership of your assets to the trust. Transferring assets is typically called "funding." When you transfer title you DO NOT relinquish any control. You can still buy, sell, borrow or transfer.
To many the living trust looks a lot like a will. It includes the details and instructions for how you want your estate to be handled at your death. However, unlike a will a properly funded trust:
- Does not go through probate.
- Prevents the courts from controlling your assets at incapacity.
- Allows you to name beneficiaries including Paralyzed Veterans of America.
If you’d like to speak with a member of our staff, please contact us at (800) 424-8200, ext. 789. We’re also happy to work with your attorney or financial planner.