Learning More About Living Trusts ? Anne Arundel County Directory

First of all, a living trust must not be confused with a living will. For people who have not heard of this term yet, living trusts are the types of legal documents which are used to ensure that a person?s properties are distributed as per the person?s wishes should this person die. These types of documents typically includes a person?s wishes about who to appoint as legal guardians of his or her minor children. On the other hand, a living will is a form of legal document which identifies the kinds of medical treatment that a person would want or would not want to have, in case that the person becomes incapacitated which resulted from an ailment or an injury. Another thing you should know is that, with the help of living trusts, you can easily transfer the ownership of your assets to a trust and then appoint someone to be the the trustee that will have administrative responsibilities on the trust.

And that, in a nutshell, is the answer to the question: what is a living trust, which a lot of people seem to be asking these days. It is vital to understand though that setting up a well prepared and appropriately funded living trust can be quite helpful to your loved ones because there is no need for all of them to go through probate since you do not own your properties anymore, at least technically, as you have transferred all of them to the trust. The assets that remain under your name however will be subjected to probate. If you are thinking about how you can be sure that you have a trust which is appropriately ?funded?, you have to be certain that all of your properties or assets are transferred into the trust which have been set up for it. If this is not given enough attention, the trust will be void and the state will take over the administrative duties on all of your properties and decided on who gets to raise your kids.

So in order to avoid those unpleasantness, properly setting up and funding these kinds of trusts is extremely important. And since there is a growing demand to learn more about properly setting up a living trust and will, there are quite a lot of scams nowadays that sell useless kits that supposedly will help you to set up living trusts and wills which in truth do nothing to help you at all. It will be best to simply consult with a lawyer who has experience doing and dealing with these matters so you can have the best advice.

Tags: living trust and will, living trusts, what is a living trust

Source: http://annearundeldirectory.com/learning-more-about-living-trusts/

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