Trusts-Formation and Administration

Question:
Do I need a “living” trust?

Answer:
Trusts formed during ones lifetime are known as living or inter-vivos trusts. Trusts formed at death are generally known as testamentary trusts. Living trusts are usually revocable and amendable during lifetime but become irrevocable and non voluntarily changeable at death. Living trusts may be modified or amended after death but only with considerable expense and legal proceedings.

A living trust allows for the management of your assets during your life, and provides that the trust assets will be distributed directly to your chosen beneficiaries at your death, avoiding the time, expense and publicity of probate.