A Trust is a formal relationship where you, the trust maker, name a trusted person, the trustee, to manage accounts and property for your benefits and the benefit of your beneficiaries. When you hear people talk about a trust, they are referring to the legal document that puts this relationship in writing. It is in effect during your lifetime, during any period of disability, and after death. Because the trust is effective during your life, and you can change it, it is referred to as a living document.
A trust provides more value to you and your loved ones, by allowing:
- Continuous management of your accounts and property even when you are unable to do so yourself
- Protection of your beneficiaries from creditors
- A possible reduction in taxes
- Avoidance of a court probate process
Contact me, Attorney Feliz Martone at Martone Law Firm to discuss how a Living Trust is a valuable estate planning tool.