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  • July 4, 2017
  • Estate Planning

What Is a Living Trust?

How to Collect Money from a Trust

A living trust is a legal document designed and written by you while you’re alive. Similar to a will, a living trust will dictate your desires regarding your assets, dependents, and any heirs. The most significant difference between a will and a living trust is that a will only activates after you’ve died and has entered probate. A living trust, on the other hand, bypasses the costly process of probate, enabling your success to carry out all instructions immediately.

Types of Living Trusts

There are currently two primary types of living trusts to consider, including:

  • Revocable living trust – With a revocable trust, you will transfer all assets over to your trust. You will retain total control of all assets as the trustee of the living trust, however. You may then choose to change or revoke the trust at any time. The assets will pass directly to your listed beneficiaries without entering probate.
  • Irrevocable living trust – An irrevocable living trust, on the other hand, allows you to give away all assets permanently. Once your assets are gone, you relinquish all control and interest over them. These assets, now that they are no longer a part of your estate are not subject to estate taxes. An irrevocable trust is only appropriate in rare circumstances.

Living Trust Benefits

While the most significant benefit of a living trust is its ability to avoid probate, there are others. For instance, a living trust may save you money in the long-term. At first, drafting a trust may cost more than a will, which is normal. It’s an investment. Afterward, however, court costs, probate, and the transfer of assets will also save you and your family money.

Contact Us

For more information on a living trust, contact Lucé Evans Law online or by calling (972) 632-1300. We’re here for you and your family!

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Need legal help? Lucé Evans Law is here to answer your legal questions. Simply complete this form and a member of our legal team will be in touch right away.

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    Angie Says…

    What Is a Living Trust?
    Monday, April 16, 2012
    ★★★★★
    “ "I can't THANK YOU enough for all you’ve done for me & my family. I needed help & you were there for me & it really means a lot to me…you hold a special place in my heart."”
    – Angie

    Tim Says…

    What Is a Living Trust?
    Sunday, April 19, 2009
    ★★★★★
    “ "Thank you again Joe, it’s nice to see that there are still people in this world who genuinely care.””
    – Tim

    Habib Says…

    What Is a Living Trust?
    Tuesday, October 30, 2012
    ★★★★★
    “ I do not have words how to thank you, all I think of is that you are a real human and as you and I know, it is hard to be a human, our appreciation and thanks for all your thoughts and being so thoughtful of me and my family, I do not know why but every email of yours is kind of god's guidance. May god bless you and your family!!”
    – Habib
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