A Living Trust is the legal document that outlines the way in which your assets will pass on to your loved ones when you die. When you prepare your Living Trust, you will identify your beneficiaries as well as the person who will carry out your wishes, your successor trustee.
Funding and Updating Your Trust
Once you have created your Trust, you then must fund it, or transfer your assets into it, including deeds to real property, savings accounts, life insurance, brokerage accounts, etc. A Trust is a living document, and it should be updated with important life events—a new spouse, a significant new investment, property or job, or if you want to change or add beneficiaries.
There Are Many Benefits to Getting a Living Trust
Trusts are private documents. If you die without a Living Trust, your estate goes into Probate and becomes a matter of public record. A Revocable Living Trust can be revoked or amended at any time during your lifetime.