Living trust

A living trust is created while you are alive and is funded during your lifetime by moving assets into the trust. With a living trust, you can name yourself as the trustee of the trust, which gives you full authority to control the assets in the trust as you wish while you are alive. Revocable living trusts may be amended or revoked at any time while you are alive. When you die, the assets in your trust are transferred to your beneficiaries. Living trusts can be advantageous because they allow your beneficiaries to receive income from the trust immediately upon your death, without subjecting trust assets to the probate process. The trust assets are also not subject to executor and legal fees that would be incurred during the probate process.

Bartlett & Herrington can help you create a living trust and fund that trust. Funding occurs when you move assets into the trust. For example, real property that is titled in your name must be transferred into the name of the trust to become a trust asset. Similarly, bank accounts or retirement accounts can be put into the trust. We help our clients identify assets and move those assets into the trust.