Columbia, MO is feeling the effects of the aging population trend of the United States. As such, today's active retirement-aged population is creating a need for the creations of more wills and living trusts. At our Columbia, MO law firm, we hear all kinds of questions about living trusts. Here are a few of the most popular ones we hear:
What is the difference between a living trust and a will?
There are many differences, but two of the biggest are that wills frequently contain instructions beyond just passing assets, and wills are more public due to the legal probate system. In addition, if there are out-of-state assets, a living trust can keep them from going to probate in those states upon your death.
Is it easy to set up a living trust?
Living trusts are more complicated and expensive legal tools, when compared to wills. Deciding which one is better for your situation usually requires a conversation with a legal expert of some kind.
Would I still need a Will, if I get a Living Trust?
Yes. Living Trusts only focus on how to transfer assets, they don't address things like naming guardians for minors and other personal requests.
Is a Living Trust the same as a Living Will?
No. A living trust focuses on how to transfer assets to heirs and other beneficiaries. A living will creates a plan of action in healthcare situations where your condition may prevent you from making your own healthcare decisions. Things like whether to continue life support efforts are handled by a living will.
Do Living Trusts give me any benefits before I die?
Yes. When you fund the trust at its creation, the assets can be controlled by the trustee while you are alive. This avoids the need to write-up a durable power of attorney to manage those assets.
Is a living trust right for me?
Generally, the larger the estate, the more likely it is to benefit from a living trust. But, this is one of those complicated areas where attorneys can bring many options to the table to meet your personal situation.
Whatever your legal challenge, we will listen to your concerns and answer your questions about likely outcomes and consequences. We deal with child custody and divorce in Columbia, MO. Contact Holder Susan Slusher, LLC today for a free consultation or case review.
The information on this web page does not provide legal advice and does not create an attorney-client relationship. If you believe you need legal advice, please contact an attorney directly.