What is it?
Also referred to as a Revocable or Inter Vivos Trust, a Living Trust provides instructions for the management of your assets during your lifetime and at death.
How does a Living Trust work?
You transfer assets into a Trust for your own benefit during your lifetime, selecting a professional Trustee to manage it, retaining the same control you had before you established the Trust. You also retain the right to revoke the Trust and appoint or remove Trustees. If you name a professional trustee to manage your Trust assets, you can request the Trustee to consult you first, before dealing with the assets.
Benefits
Unlike assets listed in a Will, Trust assets are not in the public domain, and as such offer you needed privacy in managing your affairs.
A Trust makes it difficult for anyone to challenge the disposition of your Estate, thus ensuring that your wishes defined in the Trust are upheld.
A Living Trust can also serve as a vehicle for managing your financial assets if you become mentally incapacitated or disabled.
When compared with a durable Power of Attorney, a properly and comprehensively drawn Living Trust offers greater protection and control based on the directives you have already laid down regarding your period of incapacity or disability.
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At FBNQuest Trustees, we provide the expertise for the establishment of a well-crafted Estate Plan, to ensure that your assets are well protected and managed according to your desires.