What is a living will trust?
A living will trust is a legal document that is a popular alternative to a regular will. The trust allows the management of a person’s assets both before and after his death.FunctionA living will trust allows for a person, the trustee, to hold her assets in a trust allowing the direct transfer of the assets to her named beneficiaries upon death. The trustee manages all goals or directives of the trust.CostLiving will trusts can become very complicated, thus, they are typically more expensive to create than a regular will.SignificanceUnlike a regular will, a living will trust is not subject to the lengthy probate process upon a person’s death. The trust and its directives automatically go into effect upon death.SuggestionsIt is important to seek a qualified attorney who handles estate planning and wills to draft and process the trust because of the complex legal nature involved.Joint Living Will TrustsA married couple who wishes to bring their martial assets together can create a joint
