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What is a Living Trust?

August 4, 2010Wills & Trusts

A Living Trust is a legally-binding document that essentially holds title to your assets to simplify the distribution process after your death.

As the person creating the Trust, you are known as the Grantor and should you choose, can also be the designated Trustee, the person responsible for managing the Trust. This allows you to maintain complete control over your assets, even though they are no longer titled in your name.

The Trust also has designated beneficiaries. While you’re alive, you can be the beneficiary and continue to receive any income the assets in your Trust might generate. After you pass on, your heirs can become the beneficiaries and inherit the assets in your estate as laid out in your Trust document.

A Trust can also help you avoid probate, as any assets held within the Trust can be passed directly to the beneficiary without having to go through Probate court. Any property not held within the Trust at the time of your death is still subject to probate.

It can protect you if you’re disabled by allowing a Successor Trustee of your choosing to manage your assets for you, in accordance with the terms of your Trust.

Living Trusts are completely revocable, meaning that they can be changed and/or revoked at any time while you’re alive. Once you pass on, the Trust becomes irrevocable (it can’t be changed) and the assets are held or distributed in accordance with your instructions.

There are of course, a few drawbacks to a Living Trust. Because you maintain control and access to your assets, the Trust cannot protect your estate from creditors or lawsuits.

In addition, Trusts can be more expensive to set up than a Will and may require some additional maintenance costs as well.

To find out if a Living Trust is right for you, contact our office today.

  • About
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Michael Robinson, Estate Planning Attorney

Michael Robinson, Estate Planning Attorney

Clients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors.
Michael Robinson, Estate Planning Attorney

Latest posts by Michael Robinson, Estate Planning Attorney (see all)

  • Important Estate Planning Questions Answered - February 19, 2019
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Several educational workshops coming up around the Finger Lakes you don’t want to miss.   About Latest Posts Michael Robinson, Estate Planning AttorneyClients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors. Latest posts by Michael Robinson, Estate Planning Attorney (see... Read more →

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Our overall experience was one of thoughtfulness, clarity and comprehensiveness on the part of Michael Robinson, his staff and associates. We attended Michael’s seminar on legacy wealth, and found him to be clear and well-spoken. He touched on all aspects of Estate Planning in which we were interested. Our first of two visits to his office was timely and helpful enough for us to consider develop…
Sharon T.
From the first visit I was welcomed (like family). The office & girls have all their ducks in order! Very friendly! Mr. Robinson explained everything in detail. 100% satisfied. Will pass the word on. Great Law Firm. Thank you so much.
Geraldine P.
Over the years we have been to many programs regarding Estate Planning. We were most impressed with Mr. Robinson’s presentation – both in subject matter and explanation in an understandable manner. We have put our “trust” in his competent hands. We were not aware of the complexity and the volume of paperwork generated for this undertaking. We found his staff to be most capable and client orien…
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A pleasure as always dealing with the entire staff. Always willing to explain the answers to our questions.Joseph and Julie Ann M. 
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Establishing a Family Wealth Trust through the Law Office Of Michael Robinson P.C. has been a positive experience, the staff is congenial, patient, thorough, professional and knowledgeable. We certainly are comfortable and confident with our decision.
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