Living Trust Accounts

A Living Trust is an arrangement in which a person transfers ownership of property (cash, stocks, bonds, etc.) to the Trustee of the trust.  The Trustee, is by law obligated to hold and manage that property for the exclusive benefit of the named beneficiary or beneficiaries. 

A Living Trust is governed by a trust agreement, is active during the creator’s lifetime, and can terminate upon the death of the creator, or may continue for the benefit of the creator's heirs. 

Trusts can be set up for one’s own benefit, or for one’s family and others.  A living trust can: 

§         Provide a vehicle to reduce probate and sometimes eliminate probate, which saves money and time

§         Provide the assurance the heirs will receive immediate funds upon the grantor's death

§         Provide professional investment management

§        Provide continuity of financial affairs in the event the grantor should become incapacitated; reduce need for guardianship

§         Provide estate tax savings of a trust

§         Provide for a business to continue to operate even after a death

§         Provide for minors or elderly persons

§         Pay medical or other bills

§         Provide for retirement, education, marriage and even divorce

§         Provide for privacy

Our Trust Department can answer your questions about living trusts.

For more information, contact us to schedule an appointment.