Is a Living Trust Really the Best Way to Pass an Inheritance to Your Family?
This article is intended for educational purposes only and is not legal advice. For guidance on your personal situation, please contact a lawyer.
Too many people underestimate estate planning because it can be a complicated and uncomfortable topic. It's still important to determine how your assets are distributed during and after your lifetime to maximize your family's financial well-being. Trusts are powerful tools that are perfect for many people, but they aren't right for everyone. Consider the strengths and weaknesses of living trusts and how they might fit into your overall financial plan.
A living trust is a legal agreement that gives a person (known as a trustee) control over assets that are defined in that agreement. There can be one or multiple trustees, depending on the wishes of the person who sets up the arrangement. The person or organization that establishes a trust is known as a trustor or grantor. A trustee is often the same person as the grantor with living trusts, but they can be different parties as well.
Source Fool.com
