A Living Trust should be the cornerstone of any sound estate plan. It is the single best legal instrument for estate planning and will allow you to protect the wealth you have earned. Transferring the assets from your name to the name of your trust avoids probate; permits you to maintain control over the assets while alive; and lets you dictate how the assets are to be distributed upon death or managed upon incapacity.
Consider the advantages of a Living Trust:
- If incapacitated, allows you to control how and where the assets are managed whereas the absence of a trust places your estate in control of the court system.
- A Living Trust is private. With only a Will, your estate can become public record but a Living Trust can see that your affairs are discretely managed without becoming part of public record.
- The distribution of your assets upon death is more expedient and cost-effective with a Living Trust. Without the trust, distribution of the assets is done according to your Will or state probate law and may be subject to court costs and other fees.
- Placing your assets in a trust does not mean you lose control of those assets.
- After you have funded your trust, The State Bank, as investment manager or successor trustee, will provide expert investment advice to properly manage your assets.
To guide you through this process, our Trust Department will work with your estate planning attorney and/or CPA to facilitate the transfer of your assets into a Living Trust. Remember, the creation of a trust takes some time and effort but will save you and your family both time and money later.