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Advantages of establishing a living trust

When preparing one's estate it is common to think only ahead to the time when the planner is no longer living. Most Moorestown residents look at estate planning as a way to take care of their possessions and assets only after they have passed on. However, certain estate planning tools allow individuals to make good estate planning decisions long before they reach the end of their lives.

For example, a living trust can operate for the benefit of an individual and his beneficiaries for decades before the trust's creator dies. Also known as an inter vivos trust, a living trust allows a living person to put his assets into it and name himself as the trustee. In essence, a living trust often makes the trust's creator both the trustee and beneficiary of the trust by taking the ownership of property away from the creator and placing it in the living trust. One of the primary advantages of a living trust is that it allows the creator to pass their assets, upon their death, to another person without involving the probate process.

Many living trusts are revocable. A revocable trust is one that can be dissolved at the request of the creator. Therefore, if a revocable living trust is simply too much work for the trustee to maintain he can terminate and retain ownership rights in his property.

Aside from keeping property out of probate, a living trust offers many advantages. It allows a party to designate someone he trusts as either the primary or back-up trustee should anything happen to the trust's creator. Also, property in a trust is kept relatively private because it does not have to pass through the public process of probate. Finally, a trust is a good way to pull together and manage all of an individual's assets in a single place. There are many other benefits of living trusts and those who want to learn more about them may choose to work with estate planning attorneys to find out if such devices are right for them.

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